(a) Without intending any limitation of the express and implied powers vested in the University of Tennessee, the general assembly expressly recognizes the university's authority to take whatever steps it deems necessary to form and participate in legal entities organized under the laws of this state for the purpose of promoting, supporting and carrying out the university's research mission, including, but not limited to, the commercialization of research outcomes and the transfer of research-generated products, ideas, processes and other technology from the university to commercial and industrial enterprises. The general assembly further expressly recognizes the university's authority to enter into joint ventures and other cooperative arrangements with those entities in furtherance of the purposes of this part.
(b) Entities described in subsection (a) may be vested with any power and charged with any responsibility necessary or desirable to facilitate research and development at the university, commercialization of university research outcomes and transfer of research generated technology from the university to commercial and industrial enterprises.
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