§74-5077. Responsibilities and duties of sponsor - Not-for-profit
242 words·~1 min read·
/ok/title-74-state-government/74-5077·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
enterprises as tenants.
A. A sponsor shall have the following responsibilities and duties in establishing and operating an incubator:
1. Securing title to the facility or a lease with a sufficient length of term or other security, deemed sufficient by the Director of the Oklahoma Department of Commerce, to assure that the purposes of this act are carried out;
2. Managing the physical development of the incubator facility, including the provision of common conference or meeting space;
3. Furnishing and equipping the facility to provide business services to the tenants;
4. Marketing the facility and securing eligible tenants;
5. Providing financial consulting, marketing, and management assistance services or arranging for the provision of these services for tenants of the incubator, including assistance in accessing private financial markets;
6. Setting rental and service fees; and
7. Encouraging the sharing of ideas between tenants and otherwise aid the incubator and setting policy for the termination of occupancy of tenants so as to maximize the opportunity to succeed for the greatest number of tenants, consistent with the other criteria specified in this act.
B. Not-for-profit enterprises are not permitted as tenants in incubators assisted under this act except by specific consent of the Director in cases in which such tenancy would be exceptionally helpful in promoting the purposes of this act or such tenancy is essential to the economic viability of the incubator. Added by Laws 1987, c. 228, § 7, eff. Jan. 1, 1988.