Conn. Gen. Stat. § 32-35

Current with legislation from 2024 effective through June 6, 2024.

Section 32-35 - [Effective Until 7/1/2024] Connecticut Innovations, Incorporated

(a) There is hereby created a body politic and corporate to be known as "Connecticut Innovations, Incorporated". Such corporation is constituted a public instrumentality and political subdivision of the state and the exercise by the corporation of the powers conferred in this chapter shall be deemed and held to be the performance of an essential public and governmental function. Connecticut Innovations, Incorporated shall not be construed to be a department, institution or agency of the state.

(b)

(1) The corporation shall be governed by a board of seventeen directors. Nine members shall be appointed by the Governor, six of whom shall be knowledgeable, and have favorable reputations for skill, knowledge and experience, in the development of innovative start-up businesses, including, but not limited to, expertise in academic research, technology transfer and application, the development of technological invention and new enterprise development and three of whom shall be knowledgeable, and have favorable reputations for skill, knowledge and experience, in the field of financial lending or the development of commerce, trade and business. Four members shall be the Commissioner of Economic and Community Development, the president of the Connecticut State Colleges and Universities, the Treasurer and the Secretary of the Office of Policy and Management, who shall serve ex officio and shall have all of the powers and privileges of a member of the board of directors. Each ex-officio member may designate his deputy or any member of his staff to represent him at meetings of the corporation with full power to act and vote in his behalf. Four members shall be appointed as follows: One by the president pro tempore of the Senate, one by the minority leader of the Senate, one by the speaker of the House of Representatives and one by the minority leader of the House of Representatives. Except as provided in subdivision (2) of this subsection, (A) each member appointed by the Governor shall serve at the pleasure of the Governor but not longer than the term of office of the Governor or until the member's successor is appointed and qualified, whichever is longer, (B) the Governor shall fill any vacancy for the unexpired term of a member appointed by the Governor, (C) each member appointed by a member of the General Assembly shall serve in accordance with the provisions of section 4-1a, and (D) the appropriate legislative appointing authority shall fill any vacancy for the unexpired term of a member appointed by such authority. A director shall be eligible for reappointment.

(2) Any member appointed by the Governor or appointed by a member of the General Assembly who fails to attend three consecutive meetings of the board or who fails to attend fifty per cent of all meetings of the board held during any calendar year shall be deemed to have resigned from the board.

(3) Not later than thirty days after the occurrence of any vacancy, the chief executive officer of Connecticut Innovations, Incorporated, in consultation with the chairperson of the board, shall recommend a person to fill such vacancy to the appropriate appointing authority.

(c) The Governor shall appoint a chairperson from among the board members. The directors shall annually elect one of their number as secretary. The board may elect such other officers of the board as it deems proper. Members shall receive no compensation for the performance of their duties hereunder but shall be reimbursed for necessary expenses incurred in the performance thereof.

(d) Each director of the corporation before entering upon his duties shall take and subscribe the oath or affirmation required by article eleventh, section 1, of the Constitution. A record of each such oath or affirmation shall be filed in the office of the Secretary of the State. The board of directors of the corporation shall adopt written procedures, in accordance with the provisions of section 1-121, for:

(1) Adopting an annual budget and plan of operations, including a requirement of board approval before the budget or plan may take effect;

(2) hiring, dismissing, promoting and compensating employees of the corporation including an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled;

(3) purchasing, leasing or acquiring real and personal property and personal services, including a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars;

(4) contracting for financial, legal, bond underwriting and other professional services, including a requirement that the corporation solicit proposals at least once every three years for each such service which it uses;

(5) awarding loans, grants and other financial assistance, including eligibility criteria, the application process and the role played by the corporation's staff and board of directors and the Department of Economic and Community Development and including deadlines for the approval or disapproval of applications for such assistance by the corporation on and after July 1, 1996; and

(6) the use of surplus funds to the extent authorized under this chapter, or other provisions of the general statutes.

(e) Notwithstanding the provisions of any other law to the contrary, it shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the board of directors of Connecticut Innovations, Incorporated, provided such trustee, director, partner, officer or individual shall abstain from deliberation, action or vote by Connecticut Innovations, Incorporated in specific respect to such person, firm or corporation.

(f) The corporation shall have the authority to contract with the Department of Economic and Community Development for administrative or other services.

(g) As of October 1, 1989, all powers, duties and personnel of the Connecticut Product Development Corporation shall be transferred to Connecticut Innovations, Incorporated, in accordance with the provisions of section 4-38d. As of October 1, 1989, all cash, notes, receivables, liabilities, appropriations, authorizations, allocations, and all other assets and properties of the Connecticut Product Development Corporation shall be transferred to Connecticut Innovations, Incorporated. Such transfer shall not affect the validity, enforceability or binding nature of any contract or agreement for financial aid made by the Connecticut Product Development Corporation under the authorization of this chapter prior to October 1, 1989.

(h) The corporation shall provide funding for the operation of the Connecticut Small Business Innovation Research Office in accordance with subdivision (18) of subsection (a) of section 32-39g.

Conn. Gen. Stat. § 32-35

(1972, P.A. 248, S. 4; P.A. 74-273, S. 1, 2; P.A. 77-614, S. 288, 610; P.A. 79-560, S. 38, 39; P.A. 82-58, S. 1, 2; P.A. 88-225, S. 9, 14; 88-266, S. 14, 46; P.A. 89-245, S. 9; June Sp. Sess. P.A. 93-1 , S. 42 , 45 ; P.A. 95-249 , S. 3 , 4 ; 95-250 , S. 1 ; P.A. 96-211 , S. 1 , 5 , 6 ; June Sp. Sess. P.A. 09-3 , S. 79 ; Sept. Sp. Sess. P.A. 09-7, S. 111; P.A. 11-48 , S. 124 , 285 ; June 12 Sp. Sess. P.A. 12-1 , S. 151 ; P.A. 13-247 , S. 239 ; P.A. 16-15 , S. 41 ; May Sp. Sess. P.A. 16-3 , S. 12 .)

Amended by P.A. 22-0097, S. 2 of the Connecticut Acts of the 2022 Regular Session, eff. 10/1/2022.

Amended by P.A. 16-0003, S. 12 of the Connecticut Acts of the 2016 Special Session, eff. 9/1/2016.

Amended by P.A. 16-0015, S. 41 of the Connecticut Acts of the 2016 Regular Session, eff. 7/1/2016.

This section is set out more than once due to postponed, multiple, or conflicting amendments.

Cited. 167 Conn. 111 ; 230 Conn. 24 .