A. The Legislature hereby specifically authorizes the board of regents for each of the institutions within The Oklahoma State System of Higher Education to own an equity interest in a private business enterprise if the equity interest is acquired through an exchange of value other than money and the exchange of value is made in connection with the development of technology by the private business enterprise through the use of facilities or resources or both of an institution within The Oklahoma State System of Higher Education. Acquisition of an equity interest shall be permissible through the use of the facilities, premises or assets of an institution within The Oklahoma State System of Higher Education or through the use of faculty expertise or student expertise, including the value of time expended by faculty or students upon developing a technology in connection with a private business enterprise or private business entity.
B. No state-appropriated monies shall be used or obligated to acquire an ownership interest in a private business enterprise except as authorized by the provisions of this section.
Added by Laws 1998, c. 211, § 3, emerg. eff. May 18, 1998.
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