Section 704. Research proposals

1. The committee shall consider the need,
  priority and potential success  of  research  proposals  in  determining
  those  bearing the most potential benefit to the equine industry in this
  state.
    2. Individuals and institutions eligible for research grants from such
  funds shall submit to the committee their proposals for the  conduct  of
  research projects to be supported by such grants.
    3.  Each  such  proposal  shall  include a complete description of the
  proposed  project,  a  detailed  budget  for  the  same,  the  personnel
  conducting  the  project,  and  a  time schedule for the project with an
  explanation of any contingencies included in the description.
    4. The committee shall cause all  such  proposals  to  be  transmitted
  within five days of receipt, to the state racing and wagering board.
    5.  The  committee  may, in its discretion, cause such proposals to be
  reviewed by one or more experts in the field or related research and may
  approve, disapprove or recommend changes to such projects.
    6. The committee's approval, disapproval and/or  recommendations  with
  regard to each proposal or its adoption of a budget shall be sent to the
  state racing and wagering board.