The Secretary shall establish a National Sheep Industry Improvement Center.
The Center shall manage the Fund in a manner that ensures that sufficient amounts are available in the Fund to carry out subsection (c). The Fund is intended to furnish the initial capital for a revolving fund that will eventually be privatized for the purposes of assisting the United States sheep and goat industries.
None of the amounts in the Fund may be used to influence legislation.
To be eligible to receive amounts from the Fund, an entity must agree to account for the amounts using generally accepted accounting principles.
A loan from the Fund may be made at an interest rate that is below the market rate or may be interest free.
The Secretary shall appoint the voting members of the Board from nominations submitted by organizations described in subparagraph (B).
Subject to subparagraph (B), the term of office of a voting member of the Board shall be 3 years.
The Board shall meet not less than once each fiscal year at the call of the chairperson or at the request of the executive director appointed under subsection (g)(1).
A quorum of the Board shall consist of a majority of the voting members.
If a member of the Board makes a full disclosure of an interest and, prior to any participation by the member, the Board determines, by majority vote, that the interest is too remote or too inconsequential to affect the integrity of any participation by the member, the member may participate in the matter relating to the interest, except as provided in subparagraph (E)(iii).
A member of the Board shall be reimbursed for travel, subsistence, and other necessary expenses incurred by the member in the performance of a duty of the member.
Not later than 1 year after April 4, 1996, the Board shall hold public hearings on policy objectives of the program established under this section.
The executive director shall serve at the pleasure of the Board.
Compensation for the executive director shall be established by the Board.