PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 1113 (2) by redesignating paragraph (5) as paragraph (3); (3) by redesignating paragraphs (6) through (12) as paragraphs (7) through (13), respectively; and (4) by inserting after paragraph (3) (as redesignated by paragraph (2)) the following: "(4) CORPORATE BOARD.— The term 'Corporate Board' means the Board of Directors of the Corporation described in section 1659. "(5) CORPORATION.— The term 'Corporation' means the Alternative Agricultural Research and Commercialization Corporation established under section 1658. "(6) EXECUTIVE DIRECTOR.—The term 'Executive Director' means the Executive Director of the Corporation appointed under section 1659(e).". SEC. 722. ALTERNATIVE AGRICULTURAL RESEARCH AND COMMER- CIALIZATION CORPORATION, (a) IN GENERAL.— Section 1658 of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 5902) is amended to read as follows: "SEC. 1658. ALTERNATIVE AGRICULTURAL RESEARCH AND COMMER- CIALIZATION CORPORATION. "(a) ESTABLISHMENT.— To carry out this subtitle, there is created a body corporate to be known as the Alternative Agricultural Research and Commercialization Corporation, which shall be an agency of the United States, within the Department of Agriculture, subject to the general supervision and direction of the Secretary, except as specifically provided for in this subtitle. "(b) PURPOSE. — The purpose of the Corporation is to— "(1) expedite the development and market penetration of industrial, nonfood, nonfeed products from agricultural and forestry materials; and "(2) assist the private sector in bridging the gap between the results of research into nonfood, nonfeed products and the commercialization of the research. "(c) PLACE OF INCORPORATION.— The Corporation shall be incor- District of porated in the District of Columbia. Columbia. "(d) CENTRAL OFFICE.— The Secretary shall provide facilities for the principal office of the Corporation within the Washington, D.C., metropolitan area. "(e) WHOLLY-OWNED GOVERNMENT CORPORATION.— The Corporation shall be considered a wholly-owned government corporation in accordance with chapter 91 of title 31, United States Code. "(f) GENERAL POWERS. —In addition to any other powers granted to the Corporation under this subtitle, the Corporation— "(1) shall have succession in its corporate name; "(2) may adopt, alter, and rescind any bylaw and adopt and alter a corporate seal, which shall be judicially noticed; "(3) may enter into any agreement or contract with a person or private or governmental agency, except that the Corporation shall not provide any financial assistance unless specifically authorized by this subtitle; "(4) may lease, purchase, accept a gift or donation of, or otherwise acquire, use, own, hold, improve, or otherwise deal in or with, and sell, convey, mortgage, pledge, lease, exchange, or otherwise dispose of, any property or interest in property, as the Corporation considers necessary in the transaction of
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