Section 46B. The Bradford Durfee College of Technology and the New Bedford Institute of Technology may establish and manage, under such regulations as the board of trustees of said college and of said institute, respectively may from time to time prescribe, the Research Foundation of Bradford Durfee College of Technology and the Research Foundation of New Bedford Institute of Technology, for the purpose of promoting research at said college and institute by obtaining, administering or disposing of patents of inventions resulting from such research or otherwise and devoting the income therefrom to further research, beneficial to the college or institution and to the commonwealth. Said research foundation may (1) receive and hold in separate custody gifts, bequests and devises of real or personal property; (2) receive and hold in separate custody compensation or reimbursement resulting from inventions, patents, contractual or other research, the conducting of tests for outside agencies or other funds that may be acceptable to the research foundation; (3) disburse funds so acquired for purposes of instruction, research, tests, invention, discovery, development or engineering consistent herewith; (4) obtain, administer and dispose of patents, assignments, grants, licenses, or other rights and hold the same in separate custody; (5) make assignments, grants, licenses, or other disposal, equitably in the public interest, of any rights owned, acquired or controlled by the research foundation in or to inventions, discoveries, patent applications or patents, and to charge therefor and collect and to incorporate in funds in the custody of the research foundation reasonable compensation in such form as the board of trustees may determine; and (6) execute contracts with employees or others for the purpose of carrying out the provisions hereof and permitting such employees or others to share in the net proceeds of such contracts as the board of trustees shall determine.

The funds of each research foundation shall be subject to audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary. No activities, specified in the foregoing, shall be undertaken by said research foundation which in the opinion of the board of trustees will be likely to interfere with the regular, efficient and proper exercise of the functions of said college or institute. In conducting contractual or other research, tests or similar activities, such research foundation shall give preference to citizens of and to corporations organized under the laws of the commonwealth.

The boards of trustees shall prescribe and enforce such regulations as it may deem necessary, with regard to the ownership of inventions developed with the use of facilities of the college and institute by students, research fellows, staff members, faculty or other persons, the transfer of such inventions, or patent applications or patents resulting therefrom, to the foundation, the amount of the respective shares of the inventor, the college or institute, and the foundation in the proceeds therefrom, and the arbitrating of any and all disagreements involving the same.