6.__Cooperation with associated organizations and the University of Maine System.__The institute, in implementing its powers and duties:

A.__Shall foster strategic considerations of economic development in the allocation of resources among the targeted technology sectors and promote activities that cut across technologies and achieve competitive advantages for Maine;

B.__Shall ensure that the institute's programs reflect the policies as described in the State's science and technology plan developed by the Maine Science and Technology Foundation and consult with the Maine Science and Technology Foundation in the formation of those programs;

C.__Shall collaborate with the University of Maine System on the development and annual update of an outcome-based 5-year technology plan that integrates private sector commercialization in the targeted technologies with university-sponsored research and development; and

D.__Shall coordinate its priorities with the applied research and development efforts of the University of Maine System insofar as those efforts are in the targeted technologies and encourage, when possible and appropriate, companies and research laboratories receiving funds from the institute to establish joint ventures with the university system.

7.__Other duties.__The institute shall do all things necessary or convenient to carry out the lawful purposes of the institute under this chapter.

§15304.__Powers of institute

The institute may:

1.__Suit.__Sue or be sued in its own name;

2.__Application for and receipt of funds.__Apply for and receive funds from any private source or governmental entity, whether by way of grant, donation or loan or in any other manner.__ The State Controller shall pay the institute's total state allotment for each fiscal year to the institute on July 1st of that year, and these funds are nonlapsing;