§5-1C-4 Public-private partnerships; funding.
§5-1C-4. Public-private partnerships; funding.
(a) In furtherance of its mission, the science and technology council is authorized to enter into contracts or joint venture agreements with federal and state agencies; with nonprofit corporations organized pursuant to the corporate laws of this state or other jurisdictions that are qualified under section 501(c)(3) of the Internal Revenue Code; and with other organizations that conduct research, make grants, improve educational programs and work for the scientific, educational or economic development of this state. The chief technology officer within the office of the governor and the council, by a majority vote, shall approve all contracts and joint venture agreements. The council may also enter into contractual agreements for consideration even though the entities are funded from sources other than the state. Members of the council may sit on the boards of directors of any contracting private nonprofit corporation, foundation or firm: Provided, That members of the council are not exempt from any of the provisions of chapter six-b of this code.
(b) The council may receive and accept gifts or grants from private foundations, corporations, individuals, devises and bequests or from other lawful sources. The funds shall be paid into a special account in the state treasury for the use and benefit of the science and technology advisory council.