§ 23-99-3. Definitions.
As used in this chapter, the following words shall have the following meanings:
(1) "Affiliate� means any person or company who or that directly or indirectly controls
or is controlled by or is under direct or indirect common control of another company
or person including, but not limited to, any company that is merged or consolidated,
or that purchases all or substantially all of the assets of another company.
(2) "Board� means the board of directors of the hub.
(3) "Certification proposal� means a written proposal submitted by a life science company
for approval as a certified life sciences company.
(4) "Certified life sciences company� means a life science company that has been certified
by the board as being eligible to receive grants and incentives from the investment
fund.
(5) "Commerce corporation� means the Rhode Island commerce corporation, established pursuant
to § 42-64-1 et seq.
(6) "Company� means a business corporation, partnership, firm, unincorporated association,
or other entity engaged or proposing to engage in economic activity within the state,
and any affiliate thereof.
(7) "Hubâ€� means the Rhode Island life science hub established by § 23-99-4.
(8) "Investment fundâ€� means the hub investment fund established by § 23-99-6.
(9) "Life science� means and shall include, but not be limited to, the science of: medical
devices, biomedical technology, biomedical engineering, biopharmaceuticals, genomics,
biomanufacturing, cell and gene therapies, health software and artificial intelligence,
genomics, diagnostics, digital health, marine science, agricultural science, veterinary
science and the broader life sciences to foster the development of cutting-edge medical
breakthroughs.
(10) "Life science company� means a company engaged in life science research, development,
manufacturing, incubation, or commercialization in Rhode Island, and any affiliate
thereof.
(11) "Person� means a natural person, company, or other legal entity.
(12) "Revenue� means receipts, fees, rentals, or other payments or income received or to
be received by the hub in the exercise of its corporate powers under this chapter
including, but not limited to, income on account of the leasing, mortgaging, sale,
or other disposition of property or proceeds of a loan made by the hub, and amounts
in reserves or held in other funds or accounts established in connection with the
issuance of bonds or notes and the proceeds of any investments thereof, proceeds of
foreclosure and other fees, charges, or other income received or receivable by the
hub.
(13) "State� means the state of Rhode Island.
(14) "State public body� means the state, or any city or town or any other subdivision
or public body of the state or of any city or town.
(15) "Venture� means, without limitation, any contractual arrangement with any person whereby
the corporation obtains rights from or in an invention or product or proceeds therefrom,
or rights to obtain from any person any and all forms of equity instruments including,
but not limited to, common and preferred stock, warrants, options, convertible debentures,
and similar types of instruments exercisable or convertible into capital stock, in
exchange for the granting of financial aid to such person.