(a) The authority of the Board of Trustees of the University of Arkansas to enter into agreements for the performance by the Arkansas Center for Research, Education and Technical Extension, and Graduate Education of contract research for governmental bodies, private industries, private development organizations, and persons, firms, and associations engaged in industrial development, business, natural resource development and use, planning, and related activities is fully recognized.
(b) The board may also accept public or private grants, gifts, and donations for the use of the center.
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