; (B) that is funded using multinational sources; and (C) the purpose of which is the development of a fully integrated rare earth value chain; and (2) the commercial development of uses and markets for thorium, including energy. (c) Responsibilities The individuals appointed under subsection (a) shall work with the Secretary of Commerce to develop corporate bylaws and terms of governance for the Cooperative, and with the Secretary of Energy to develop those bylaws and terms for the Corporation, which shall be set forth in a Memorandum of Understanding for each such entity that outlines specific obligations, commitments, limitations on sources of international investment, and goals that are specific to the national interests of the United States. (d) Duration of service The individuals appointed under subsection (a) shall continue to serve in those roles for as long as provided under the terms of governance developed under subsection (c). 8. Other provisions (a) Annual audits The Cooperative and the Corporation shall, on the date that is 180 days after the date on which each such entity is established, and annually thereafter, submit to the Secretary of Commerce, the Secretary of Energy, and the Secretary of Defense an audited report, which shall— (1) be conducted by an outside auditing firm; and (2) for the period covered by the report, evaluate the progress and success of the Cooperative and the Corporation in meeting all targets and objectives established by the Secretary, in consultation with the heads of other relevant Federal agencies. (b) Authority of the Secretary of Defense The Secretary of Defense may monitor the output of the Cooperative and the Corporation with respect to the national security objectives set forth in the Memorandum of Understanding required for each entity under section 7(c).