Oklahoma § 74-5077 - Responsibilities and duties of sponsor - Not-for-profit

§ 74-5077. Responsibilities and duties of sponsor - Not-for-profit

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;

Oklahoma Statutes - Title 74. State Government

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.