Law 84 Limited was established as a wholly-owned subsidiary company of South Bank Polytechnic on 19 Oct 1988. It then changed its name to South Bank Poly-Enterprises Limited in February 1989. Due to the Polytechnic being granted university status in 1992, the company changed its name a second time to South Bank University Enterprises Limited in June 1992. The principal role of South Bank University Enterprises Limited is to handle the University's enterprise activities. These originally formed four areas: consultancy, contract research, sale of materials and the letting of facilities. Since 2002 the company has been increasingly involved in intellectual property issues arising out of the University's growing research portfolio and the company's enterprise activities now form three areas: student enterprise; intellectual property and spin out; and revenue generation. Being a subsidiary company profits are transferred under a deed of covenant to the University. The company is run by a Board of Directors and a Managing Director.