Sec. 2. Establishment of National Intercollegiate Compensation Corporation
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/bill/117/hr/3379/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established a government corporation, to be known as the National Intercollegiate Compensation Corporation , which shall not for any purpose be an agency or instrumentality of the United States Government and shall be subject to the provisions of this Act. The members of the Corporation shall be institutions of higher education. The criteria for an institution of higher education to be eligible to be a member of the Corporation shall be provided in the constitution and bylaws of the Corporation.
The Corporation shall be governed by a Board of Directors. The Board shall be composed of the following: One representative from each of the top 10 conferences in annual revenue (as determined under subparagraph (B)), who shall be chosen by the conference and shall serve a term of 3 years. One representative from each of the 5 geographic regions of institutions of higher education that are not members of a conference described in clause (i), who shall be chosen by the institutions of higher education of the region and shall serve a term of 3 years.
Two former corporate executives, who shall be selected as provided in subparagraph
(D)and shall serve a term of 2 years. Three representatives of an intercollegiate athletics association, who shall be selected by the association and shall serve a term to be determined by the association. One former student athlete from each of the 5 geographic regions, who shall be chosen by vote of the current student athletes in the region and shall serve a term of 3 years. For purposes of subparagraph (A)(i), the annual revenue of a conference— except as provided in clause (ii), shall be the average of the annual revenue of the conference published in intercollegiate athletics association financial data for the 3 most recent years for which published intercollegiate athletics association financial data is available; and after the date that is 5 years after the date of the enactment of this Act, may be determined using the method described in clause
(i)or by an alternative method established by the Board. For purposes of subparagraph (A), the 5 geographic regions shall be determined by an intercollegiate athletics association. The members of the Board described in subparagraph (A)(iii) shall be selected— in the case of the members initially serving under such subparagraph, by an intercollegiate athletics association; and in the case of any members subsequently serving under such subparagraph, by the Board in accordance with criteria for selection that the Board shall establish. The Chair of the Board shall be selected by the Board from among the members of the Board. The Board shall hold at least 2 in-person meetings each year. Any decision of the Board shall require an affirmative vote by a majority of the members of the Board present at the meeting. The Board may create subcommittees to oversee adjudications, investigations, and other matters before the Board. Each member of the Board shall file an annual disclosure with the Commission to limit conflicts of interest. Members of the Board shall serve without pay but may receive reimbursement from the Corporation for travel, lodging, and meal expenses incurred as a result of official duties performed as members of the Board. The Corporation shall be funded by fees collected from registered athlete agents and registered third-party licensees, or from athlete agents and third-party licensees in connection with application for registration with the Corporation. The Corporation may not receive any funds from an institution of higher education or the Federal Government. The Corporation may only use funds received by the Corporation to— carry out the functions of the Corporation under this Act; or promote intercollegiate athletics. The Board shall adopt a constitution and bylaws for the Corporation. The Corporation may— establish and maintain offices to conduct the affairs of the Corporation; enter into contracts, and accept gifts, legacies, and devises, in furtherance of the duties of the Corporation under this Act; acquire, own, lease, encumber, and transfer property as necessary to carry out the duties of the Corporation under this Act; borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property as necessary to carry out the duties of the Corporation under this Act; publish a magazine, newsletter, and other publications consistent with the duties of the Corporation under this Act; approve and revoke membership in the Corporation; and conduct any other activity necessary and proper to carry out the duties of the Corporation under this Act. The Corporation may not engage in business for profit or issue stock. The Corporation shall be nonpolitical and may not promote or oppose the candidacy of an individual seeking public office. The Corporation shall maintain its principal office and national headquarters in a location in the United States decided by the Corporation. The Corporation may hold its annual and special meetings in the places decided by the Corporation.