A grant or loan awarded under this part is contingent on the recipient: submitting to the Commission approval from an institutional review board; and entering into a memorandum of understanding with the Corporation that: 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 to the extent consistent with federal and State law, reflects the intellectual property policies of the institution. 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. The Corporation may not disburse grant or loan money to a recipient until: the recipient has obtained the approval required under subsection (a)(1) of this section; and the recipient and the Corporation have entered into the memorandum of understanding required under subsection (a)(2) of this section.