P.R. Laws tit. 23, § 695e
(a) Between thirty [percent] (30%) and forty percent (40%) of the funds in the annual budget of the Trust available for investing in Trust projects must be used to conduct corporate activities and projects that have an impact on science and technology research or development programs in Puerto Rico.
(b) Between thirty [percent] (30%) and forty percent (40%) of the funds in the annual budget of the Trust available for investing in Trust projects must be used to:
(1) Match the academic research initiatives that have received partial financing by the federal agencies that promote said research, on the basis of high competitiveness.
(2) Support programs that promote the recruitment and retention of competitive researchers in biomolecular sciences and information and communications technologies, including the endowment of chairs in the various disciplines, awards for illustrious academics and the recognition of young researchers with proven capacity for competitive research.
(3) Create a dynamic and effective structure for the commercialization of the products of the science and technology research programs that may be used by academic institutions or by private companies to protect intellectual property and to improve the capacity for producing and developing new products according to the terms of the Memorandum of Understanding executed between the University and the Industrial Development Company of Puerto Rico on February 11, 2004.
(c) Between twenty [percent] (20%) and thirty percent (30%) of the funds in the annual budget of the Trust available for investing in Trust projects must be used to provide financial support for the development of research infrastructure such as:
(1) Investment in private or public institutes specializing in information and communications technology, including institutes proposed or operated by companies eligible under the program whose participants receive funds, through competitive mechanisms, for their research programs.
(2) Institutions, collaborations or programs directly related to corporate research and development.
(3) Financial support for the development of incubators related to support centers in key locations, and who are able to effect the transfer of technology.
(4) Support for improving and developing physical facilities suitable for science and technology research and/or development.
(d) As first initiatives of the Trust concerning the infrastructure the following projects, among others, shall be carried out:
(1) Provide financial support for the efforts that seek to finish the Puerto Rico Research Park to be developed by the University and the Industrial Development Company according to the terms of the Memorandum of Understanding executed between the University and the Puerto Rico Industrial Development Company [on] February 11, 2004.
(2) Provide financial support for the efforts that seek to finish the Bioprocessing Pilot Plant to be developed by the University, the Puerto Rico Industrial Development Company and the pharmaceutical industry according to the Memorandum of Understanding executed between the University and the Puerto Rico Industrial Development Company [on] February 11, 2004.
(e) The provisions of subsections (a), (b) and (c) of this section notwithstanding, said percentage designations may be revised annually by the Council of Trustees in consideration of the investment possibilities at the time, the needs of the industry or the academy and the number and merit of the proposals received.
History —Aug. 18, 2004, No. 214, § 7.