North Dakota Century Code Title 6. Banks and Banking § 6-09.18-02. Innovation loan fund to support technology advancement committee--Membership--Meetings

1. The innovation loan fund to support technology advancement committee consists of:

2. The commissioner, in consultation with the president of the Bank of North Dakota, shall appoint the members of the committee.  The term of office of the appointed members of the committee is four years, and the terms must be staggered so that no more than one of the members' terms appointed under subdivisions b and c of subsection 1 expires each year, and so that no more than one of the members' terms appointed under subdivision d of subsection 1 expires each year.  Each term of office commences on the first day of July.  Members serve at the pleasure of the commissioner and may be reappointed for additional terms.  Members of the committee may not invest or otherwise participate in applied research, experimentation, or operational testing associated with a loan awarded under this chapter.  If a committee member appointed under subdivision b of subsection 1 ceases to represent an active venture capital firm, private entity, or angel capital fund, that individual's membership on the committee ceases immediately and the commissioner, in consultation with the president of the Bank of North Dakota, shall appoint a new member to the committee for the remainder of the term.

3. A committee member representing the private sector is eligible to receive compensation in an amount not exceeding one hundred thirty-five dollars per day and travel and expense reimbursement as provided by law for state officers for attending meetings of the committee.

4. The committee shall meet as necessary to make loan recommendations and provide ongoing review of research, development, and commercialization activities.