Authority for nonprofit medical school or research institution to operate as business organization or association, operate clinic in conjunction with school or research facility and retain portion of money generated by clinic

1. A private nonprofit medical school or a nonprofit medical research institution may, notwithstanding any provision of law to the contrary: (a) Operate as a corporation or other business organization or association with ownership or control shared by persons licensed pursuant to this chapter and persons not licensed pursuant to this chapter; (b) Operate a clinic in conjunction with the school or institution which is staffed by physicians or osteopathic physicians who are employed by the school or the institution and who are: (1) Licensed pursuant to this chapter or chapter 633 of NRS, respectively; and (2) Members of the faculty of the school or institution; and (c) Retain all or a portion of the money generated by a clinic described in paragraph (b), including, without limitation, any professional income generated by a physician or osteopathic physician staffing the clinic. 2. As used in this section, “private nonprofit medical school” means a private nonprofit medical school that is licensed by the Commission on Postsecondary Education and approved by the Liaison Committee on Medical Education of the American Medical Association and the Association of American Medical Colleges.