110 STAT. 1116 PUBLIC LAW 104-127 —APR. 4, 1996 A different member shall be appointed pursuant to each subparagraph of this paragraph. "(4) 2 members appointed by the Secretary who— "(A) have expertise in areas of applied research relating to the development or commercialization of new nonfood, nonfeed products; and "(B) shall be appointed from a group of at least 4 individuals nominated by the Director of the National Science Foundation if the nominations are made not later than 60 days after the date a vacancy occurs. "(5) 2 members appointed by the Secretary who— "(A) have expertise in financial and managerial matters; and "(B) shall be appointed from a group of at least 4 individuals nominated by the Secretary of Commerce if the nominations are made not later than 60 days after the date a vacancy occurs. " (c) RESPONSIBILITIES OF THE CORPORATE BOARD.— "(1) IN GENERAL.—The Corporate Board shall— "(A) be responsible for the general supervision of the Corporation and Regional Centers established under section 1663; "(B) determine (in consultation with Regional Centers) high priority commercialization areas to receive assistance under section 1663; "(C) review any grant, contract, or cooperative agreement to be made or entered into by the Corporation under section 1660 and any financial assistance to be provided under section 1661; "(D) make the final decision, by majority vote, on whether and how to provide assistance to an applicant; and "(E) develop and establish a budget plan and a longterm operating plan to carry out this subtitle. " (2) AUTHORITY OF THE SECRETARY. — " (A) IN GENERAL. —The Secretary shall vacate and remand to the Corporate Board for reconsideration any decision made pursuant to paragraph (1)(D) if the Secretary determines that there has been a violation of subsection (j), or any conflict of interest provisions of the bylaws of the Corporate Board, with respect to the decision. "(B) REASONS. —In the case of any violation and referral of a funding decision to the Corporate Board, the Secretary shall inform the Corporate Board of the reasons for any remand pursuant to subparagraph (A). "(d) CHAIRPERSON.— The members of the Corporate Board shall select a Chairperson from among the members of the Corporate Board. The term of office of the Chairperson shall be 2 years. The members referred to in paragraphs (1) and (2) of subsection (b) may not serve as Chairperson. " (e) EXECUTIVE DIRECTOR.— " (1) APPOINTMENT. —The Corporate Board shall appoint an Executive Director, subject to the approval of the Secretary. "(2) DUTIES. —The Executive Director shall be the chief executive officer of the Corporation, with such power and authority as may be conferred by the Corporate Board.
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