AZ SB1314

Authorizes community college district governing boards to organize corporations under state law to finance development of products or services beyond the theoretical stage and capable of commercial scale production.

Requires corporations to be majority-controlled by the district board and prohibits board members from receiving compensation other than expense reimbursement for their corporate duties.

Allows corporations to enter into product development agreements, acquire property, and hold patents or intellectual property related to research and development activities in Arizona.

Establishes procedures for district boards to evaluate financial aid applications for product development, including investigation reports on applicant history, financial condition, market prospects, and project feasibility.

Permits community college districts to license, assign, or transfer intellectual property to third parties or to officers and employees with substantial interests, provided districts identify and develop management plans for any conflicts of interest.