(a) A grant or loan awarded under this part is contingent on the recipient:
(1) submitting to the Commission approval from an institutional review board; and
(2) entering into a memorandum of understanding with the Corporation that:
(i) establishes the scope of the State’s ownership or other financial interest in the commercialization and other benefits of the results, products, inventions, and discoveries of State-funded stem cell research; and
(ii) to the extent consistent with federal and State law, reflects the intellectual property policies of the institution.
(b) A recipient shall submit the approval required under subsection (a)(1) of this section within 6 months after the award of the grant or loan.
(c) The Corporation may not disburse grant or loan money to a recipient until:
(1) the recipient has obtained the approval required under subsection (a)(1) of this section; and
(2) the recipient and the Corporation have entered into the memorandum of understanding required under subsection (a)(2) of this section.