University of Iowa Research Park Corporation no longer needs regent approval to govern

The University of Iowa Research Park Corporation requested to remove regent approval to make amendments to bylaws and electing directors.

University+of+Iowa+President+Bruce+Harreld+addresses+the+Board+of+Regents+during+a+meeting+at+the+Iowa+State+Alumni+Center+in+Ames%2C+Iowa%2C+on+Thursday%2C+June+6%2C+2019.+%28Wyatt+Dlouhy%2FThe+Daily+Iowan%29
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University of Iowa Research Park Corporation no longer needs regent approval to govern

University of Iowa President Bruce Harreld addresses the Board of Regents during a meeting at the Iowa State Alumni Center in Ames, Iowa, on Thursday, June 6, 2019. (Wyatt Dlouhy/The Daily Iowan)

University of Iowa President Bruce Harreld addresses the Board of Regents during a meeting at the Iowa State Alumni Center in Ames, Iowa, on Thursday, June 6, 2019. (Wyatt Dlouhy/The Daily Iowan)

Wyatt Dlouhy

University of Iowa President Bruce Harreld addresses the Board of Regents during a meeting at the Iowa State Alumni Center in Ames, Iowa, on Thursday, June 6, 2019. (Wyatt Dlouhy/The Daily Iowan)

Wyatt Dlouhy

Wyatt Dlouhy

University of Iowa President Bruce Harreld addresses the Board of Regents during a meeting at the Iowa State Alumni Center in Ames, Iowa, on Thursday, June 6, 2019. (Wyatt Dlouhy/The Daily Iowan)

Kelsey Harrell, News Reporter

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The state Board of Regents has approved the University of Iowa’s request to make changes to the articles of incorporation and bylaws for the UI Research Park Corp. 

The UI corporation Board of Directors approved the proposed changes to the bylaws during its meeting Nov. 1, 2018. 

The UI has given the directors permission to make these changes to the bylaws: expand the list of qualified directors; remove regent approval for election of directors; remove regent approval for amending, supplementing, and repealing the bylaws; and permit electronic notice of meeting to directors. 

The approved changes to the articles of incorporation are: update the name and address for the corporation’s registered agent; remove the list specifying the initial Board of Directors; remove regent approval for election of directors; remove state Board of Regents approval for amending, supplementing, and repealing the bylaws; and update language regarding limitation of liability. 

The articles of incorporation have not been updated since the establishment of the UI Research Park Corp. in 1989. The bylaws were last updated in 2012. 

“This proposed revision is consistent with the articles of incorporation and bylaws for other university-affiliated foundations and corporations (including the University of Iowa Research Foundation) which do not require Board of Regents approval for these or similar items,” according to regent documents. 

According to the changes, the executive vice president and provost, the vice president for research, the chief financial officer and treasurer, and the business manager of the UI will each be a director for the UI Research Park.