(D) STANDING
MEMBERS.—The initial 
members appointed under clauses (iv) and (v) 
of subparagraph (B) shall remain on the Cor-
poration Board and the Executive Committee, 
until such time as— 
(i) the members voluntarily resign; 
(ii) in the case of a member appointed 
under subparagraph (B)(iv), a majority of 
the members of the Corporation Board 
votes to remove the member from the Cor-
poration Board; or 
(iii) in the case of a member ap-
pointed under subparagraph (B)(v), a ma-
jority of the members of the Corporation 
Board votes to remove the member from 
the Corporation Board and the Cooperative 
Board. 
(2) EXECUTIVE COMMITTEE.— 
(A) IN
GENERAL.—The Executive Com-
mittee for the Corporation shall comprise the 
initial members of the Corporation Board ap-
pointed under clauses (iv) and (v) of paragraph 
(1)(B). 
(B) DUTIES.—The Executive Committee 
shall— 
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(i) establish the charter, bylaws, rules 
of governance, and corporate structure for 
the Corporation; and 
(ii) make formative business decisions 
with respect to the Corporation. 
(c) POWERS.— 
(1) ESTABLISHMENT
OF
SUBSEQUENT
ENTI-
TIES.— 
(A) IN GENERAL.—The Corporation may 
establish one or more entities, to be known as 
an ‘‘Industrial Products Corporation’’ for the 
certification, licensing, insuring, and commer-
cial development of all non-energy uses for tho-
rium (including thorium isotopes and thorium 
daughter elements), including— 
(i) alloys; 
(ii) catalysts; 
(iii) medical isotopes; and 
(iv) other products. 
(B) AUTHORITY OF ENTITIES.—The enti-
ties described in subparagraph (A) may— 
(i) develop standards, procedures, and 
protocols for the approval of commercial 
and industrial applications for thorium; 
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(ii) carry out directly the production 
and sale of thorium-related non-energy 
products; and 
(iii) sell or license any production or 
sales rights to third parties. 
(C) SALE
OR
DISTRIBUTION
OF
INDUS-
TRIAL PRODUCTS CORPORATION; CREATION OF 
BUSINESSES AND PARTNERSHIPS.—To develop 
and commercialize non-energy uses for thorium, 
the corporation Board may— 
(i) create, sell, or distribute the equity 
of an entity described in subparagraph (A); 
and 
(ii) establish partnerships with Fed-
eral agencies, foreign governments, and 
private entities relating to businesses and 
activities of the entity. 
(2) SALE OR DISTRIBUTION OF CORPORATION 
EQUITY; CREATION OF PARTNERSHIPS.—To develop 
and commercialize thorium energy, the Corporation 
may sell or distribute equity and establish partner-
ships with the United States, foreign governments, 
and private entities— 
(A) to create capital; 
(B) to develop intellectual property; 
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(C) to acquire technology; 
(D) to establish business partnerships and 
raw material supply chains; 
(E) to develop commercial thorium energy 
systems; 
(F) to develop commercial systems for the 
reduction of spent fuel; 
(G) to develop hardened energy systems 
for the United States military; and 
(H) to develop process heat technologies 
systems for coal-to-liquid fuel separation, desa-
linization, chemical synthesis, and other appli-
cations. 
(d) DUTIES.— 
(1) OWNERSHIP
OF
THORIUM
AND
RELATED 
ACTINIDES.—The Corporation shall— 
(A) on a preprocessing basis, assume liabil-
ity for and ownership of all thorium and 
mineralogically associated or related actinides 
and decay products contained within the mona-
zite and other rare-earth mineralizations in the 
possession of the cooperative; 
(B) separate the thorium from the rare- 
earth concentrates, take physical possession and 
safely store all thorium-containing actinide by-
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products, with the costs of the storage to be 
paid by the Corporation from fees charged or 
revenue from sales of other valuable actinides 
and decay products, and thus after— 
(i) develop new markets and uses for 
thorium; 
(ii) develop energy systems that utilize 
thorium; and 
(iii) develop, manage, and control na-
tional and international energy leasing and 
distribution platforms related to thorium 
energy systems. 
(2) SAFE, LONG-TERM
STORAGE; DEVELOP-
MENT
OF
USES
AND
MARKETS.—The Corporation 
shall— 
(A) in consultation with the Administrator 
of the Environmental Protection Agency and 
the Secretary of Energy, be responsible for the 
safe, long-term storage of all thorium and tho-
rium decay products generated through the Co-
operative, consistent with part 192 of title 40, 
Code of Federal Regulations (as in effect on the 
date of the enactment of this Act), while taking 
into account the low relative risks relating to 
thorium; and 
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