Arizona Revised Statutes Title 15. Education § 15-1635.01. Transfer of technology developed by universities; intellectual property policies; officer or employee interest in private entity

A. To encourage the exchange of technological expertise, new research development and other valuable information between private enterprise and the university system in this state and to facilitate the transfer of technology developed by officers or employees of universities under the jurisdiction of the Arizona board of regents to commercial, nonprofit and entrepreneurial enterprises for the economic development of this state and for the public benefit, the Arizona board of regents shall maintain intellectual property policies that allow, on a case-by-case negotiated basis, the licensing, assignment or other transfer of intellectual property owned by the board to third parties if the transfer is in the best interest of this state and the university system or the transfer otherwise promotes the dissemination of university research for the public benefit.

B. Notwithstanding title 38, chapter 3, article 8,  1 the Arizona board of regents, a university or an entity authorized to manage intellectual property on behalf of the board or a university may enter into agreements to transfer intellectual property owned by the board to an officer or employee of an institution under the jurisdiction of the Arizona board of regents or to an entity in which an officer or employee maintains a substantial interest as defined by § 38-502.

C. Before concluding an agreement for the transfer of any intellectual property owned by the Arizona board of regents to an officer or employee of the board or a university or to an entity in which an officer or employee of the board or a university maintains a substantial interest, the board or university shall do all of the following:

D. The board shall maintain appropriate policies and procedures for the implementation of this section.