ALTERNATIVE AGRICULTURAL RESEARCH AND COMMERCIALIZATION CORPORATION.

SEC. 722. ALTERNATIVE AGRICULTURAL RESEARCH AND COMMERCIALIZATION 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 COMMERCIALIZATION 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, non feed products and the commercialization of the research. “(c) Place of Incorporation.— The Corporation shall be incorporated in the District of 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 110 STAT. 1114the business of the Corporation, except that this paragraph shall not provide authority for carrying out a program of real estate investment; “(5) may sue and be sued in the corporate name of the Corporation, except that— “(A) no attachment, injunction, garnishment, or similar process shall be issued against the Corporation or property of the Corporation; and “(B) exclusive original jurisdiction shall reside in the district courts of the United States, but the Corporation may intervene in any court in any suit, action, or proceeding in which the Corporation has an interest; “(6) may independently retain legal representation; “(7) may provide for and designate such committees, and the functions of the committees, as the Corporate Board considers necessary or desirable; “(8) may indemnify the Executive Director and other officers of the Corporation, as the Corporate Board considers necessary and desirable, except that the Executive Director and officers shall not be indemnified for an act outside the scope of employment; “(9) may, with the consent of any board, commission, independent establishment, or executive department of the Federal Government, including any field service, use information, services, facilities, officials, and employees in carrying out this subtitle, and pay for the use, which payments shall be transferred to the applicable appropriation account that incurred the expense; “(10) may obtain the services and fix the compensation of any consultant and otherwise procure temporary and intermittent services under section 3109(b) of title 5, United States Code; “(11) may use the United States mails on the same terms and conditions as the Executive agencies of the Federal Government; “(12) shall have the rights, privileges, and immunities of the United States with respect to the right to priority of payment with respect to debts due from bankrupt, insolvent, or deceased creditors; “(13) may collect or compromise any obligations assigned to or held by the Corporation, including any legal or equitable rights accruing to the Corporation; “(14) shall determine the character of, and necessity for, obligations and expenditures of the Corporation and the manner in which the obligations and expenditures shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to Government corporations; “(15) may make final and conclusive settlement and adjustment of any claim by or against the Corporation or a fiscal officer of the Corporation; “(16) may sell assets, loans, and equity interests acquired in connection with the financing of projects funded by the Corporation; and “(17) may exercise all other lawful powers necessarily or reasonably related to the establishment of the Corporation to carry out this subtitle and the powers, purposes, functions, duties, and authorized activities of the Corporation. 110 STAT. 1115 “(g) Specific Powers.— To carry out this subtitle, the Corporation may— “(1) make grants to, and enter into cooperative agreements and contracts with, eligible applicants for research, development, and demonstration projects in accordance with section 1660; “(2) make loans and interest subsidy payments and invest venture capital in accordance with section 1661; “(3) collect and disseminate information concerning State, regional, and local commercialization projects; “(4) search for new nonfood, nonfeed products that may be produced from agricultural commodities and for processes to produce the products; “(5) administer, maintain, and dispense funds from the Fund to facilitate the conduct of activities under this subtitle; and “(6) engage in other activities incident to carrying out the functions of the Corporation.”. (b) Wholly-Owned Government Corporation.— Section 9101(3) of title 31, United States Code, is amended— (1) by redesignating subparagraph (N) (relating to the Uranium Enrichment Corporation) as subparagraph (O); and (2) by adding at the end the following: “(Q) the Alternative Agricultural Research and Commercialization Corporation.” (c) Conforming Amendment.— Section 211(b)(5) of the Department of Agriculture Reorganization Act of 1994 (7 U.S.C. 6911(b)(5)) is amended by striking “Alternative Agricultural Research and Commercialization Board” and inserting “Corporate Board of the Alternative Agricultural Research and Commercialization Corporation”.