108 STAT. 4218 PUBLIC LAW 103-407—OCT. 22, 1994 (iii) 3 members shall represent importers; and (B) 3 members shall be the Chairperson, Vice Chairperson, and Secretary of the Board. (3) POWERS AND DUTIES.— (A) PLANS OR PROJECTS.— The Executive Committee shall develop plans or projects of promotion, research, consumer information, education, industiy information, and producer information, which shall be paid for with assessments collected by the Board. The plans or projects shall not become effective until the plans or projects are approved by the Secretary. (B) BUDGETS.—The Executive Committee shall be responsible for developing and submitting to the Board, for the approval of the Board, budgets, on a fiscal year basis, of the anticipated expenses and disbursements of the Board, including probable costs of promotion, research, consumer information, education, industry information, and producer information projects. The Board shall approve or disapprove a budget submitted by the Executive Committee, and, if approved, shall submit the budget to the Secretary for the approval of the Secretary. (4) TERMS. —^A term of appointment to the Executive Committee shall be for 1 year. (5) CHAIRPERSON. — The Chairperson of the Board shall serve as Chairperson of the Executive Committee. (6) QUORUM.— ^A quorum of the Executive Committee shall consist of 8 members. (h) EXPENSES, CONTRACTS, AND AGREEMENTS.— (1) EXPENSES. — The order shall provide that the Board shall be responsible for all expenses of the Board and the Executive Committee. (2) CONTRACTS AND AGREEMENTS. —^A contract or agreement entered into by the Board under subsection (e)(7) shall provide that>- (A) the contracting party shall develop and submit to the Board a plan or project, together with a budget or budgets that provides estimated costs to be incurred for the plan or project; (B) the plan or project, and the contract or agreement, shall not become effective until the plan or project has been approved by the Secretary; and (C) the contracting party shall— Records. (i) keep accurate records of all of the transactions of the party; (ii) account for funds received and expended, including staff time, salaries, and expenses expended on behalf of Board activities; Reports. (iii) make periodic reports to the Board of activities conducted; and (iv) make such other reports as the Board or the Secretary may require, (i) ASSESSMENTS.— (1) SHEEP PURCHASES.— (A) IN GENERAL. —The order shall provide that each person making pa3anent to a producer or feeder for sheep purchased from the producer or feeder shall, in the manner prescribed by the order, collect an assessment from the
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