No actions available.
Full Text of this Amendment
Beginning on page 138 strike line 5 and all that follows through line 10 on page 142 and insert the following:
``(x) specify a process for annual Board review of the operations of the Foundation;
``(xi) establish specific duties of the Executive Director; and
``(xii) establish specific policies to safeguard the Federal Government's patent rights in inventions made with Federal assistance through the Foundation;
``(B) prioritize and provide overall direction to the activities of the Foundation;
``(C) evaluate the performance of the Executive Director; and
``(D) carry out any other necessary activities regarding the functioning of the Foundation.
``(3) TERMS AND VACANCIES.--
``(A) TERM.--The term of office of each member of the Board appointed under paragraph (1)(C) shall be 4 years, except that the terms of offices for the initial appointed members of the Board shall expire on a staggered basis as determined by the ex officio members.
``(B) VACANCY.--Any vacancy in the membership of the Board--
``(i) shall not affect the power of the remaining members to execute the duties of the Board; and
``(ii) shall be filled by appointment by the appointed members described in paragraph (1)(C) by majority vote.
``(C) PARTIAL TERM.--If a member of the Board does not serve the full term applicable under subparagraph (A), the individual appointed under subparagraph (B) to fill the resulting vacancy shall be appointed for the remainder of the term of the predecessor of the individual.
``(D) SERVING PAST TERM.--A member of the Board may continue to serve after the expiration of the term of the member until a successor is appointed.
``(4) COMPENSATION.--Members of the Board may not receive compensation for service on the Board. Such members may be reimbursed for travel, subsistence, and other necessary expenses incurred in carrying out the duties of the Board, as set forth in the bylaws issued by the Board.
``(e) Incorporation.--The ex officio members of the Board shall serve as incorporators and shall take whatever actions necessary to incorporate the Foundation.
``(f) Nonprofit Status.--The Foundation shall be considered to be a corporation under section 501(c) of the Internal Revenue Code of 1986, shall be subject to the provisions of such section, and shall be considered a nonprofit organization for purpose of section 201(i) of title 35, United States Code.
``(g) Executive Director.--
``(1) IN GENERAL.--The Board shall appoint an Executive Director who shall serve at the pleasure of the Board. The Executive Director shall be responsible for the day-to-day operations of the Foundation and shall have such specific duties and responsibilities as the Board shall prescribe.
``(2) COMPENSATION.--The compensation of the Executive Director shall be fixed by the Board but shall not be greater than the compensation of the Commissioner.
``(h) Administrative Powers.--In carrying out this subchapter, the Board, acting through the Executive Director, may--
``(1) adopt, alter, and use a corporate seal, which shall be judicially noticed;
``(2) hire, promote, compensate, and discharge 1 or more officers, employees, and agents, as may be necessary, and define their duties;
``(3) prescribe the manner in which--
``(A) real or personal property of the Foundation is acquired, held, and transferred;
``(B) general operations of the Foundation are to be conducted; and
``(C) the privileges granted to the Board by law are exercised and enjoyed;
``(4) with the consent of the applicable executive department or independent agency, use the information, services, and facilities of such department or agencies in carrying out this section;
``(5) enter into contracts with public and private organizations for the writing, editing, printing, and publishing of books and other material;
``(6) hold, administer, invest, and spend any gift, devise, or bequest of real or personal property made to the Foundation under subsection (i);
``(7) enter into such other contracts, leases, cooperative agreements, and other transactions as the Board considers appropriate to conduct the activities of the Foundation, except that Federal rights in patented inventions made with Federal assistance shall be preserved;
``(8) modify or consent to the modification of any contract or agreement to which it is a party or in which it has an interest under this subchapter;
``(9) take such action as may be necessary to obtain patents and licenses for devices and procedures developed by the Foundation and its employees, except that Federal rights in patented inventions made with Federal assistance shall be preserved;
(As printed in the Congressional Record for the Senate on May 2, 2007.)