§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.