Public senior higher educational institutions and their governing boards are encouraged to promote the economic development of the State and to increase the financial resources of the institutions through arrangements with the private sector, including collaborative research and development, commercial application of institution-owned intellectual property, and the provisions of technical assistance.

Added by Acts 1996, c. 406, § 1, eff. July 1, 1996. Amended by Acts 2005, c. 485, § 1, eff. Oct. 1, 2005.