(1) There is hereby created the Mississippi Stonewall Jackson Memorial Board, which shall have as its purpose the memorializing of that great American and Confederate General, Stonewall Jackson, through a program of education initiated by Stonewall Jackson Memorial, Inc. The Mississippi Stonewall Jackson Memorial Board shall be governed by a board of trustees, who shall serve without compensation. The board of trustees shall be composed of three (3) members, the Mississippi State Superintendent of Public Education, the Director of the Mississippi Department of Archives and History, and the President of Stonewall Jackson Memorial, Inc. The board of trustees shall be vested with the power to administer this section in its entirety and to establish the Mississippi Stonewall Jackson Memorial Fund.

(2) From and after March 13, 1990, the Stonewall Jackson Memorial Board shall be abolished by operation of law, and any monies appropriated or donated to or deposited in the Stonewall Jackson Memorial Fund shall be received, invested and administered by the Board of Trustees of the Mississippi Department of Archives and History as it deems advisable in line with sound business procedure. The Board of Trustees of the Mississippi Department of Archives and History may spend the interest derived from the Mississippi Stonewall Jackson Memorial Fund to support the programs and activities of the Junior Historical Society of Mississippi and thereby promote the study of Mississippi history. No part of the principal of such fund shall be disbursed for any purpose, and all grants to the Junior Historical Society shall be taken from the interest derived from investments only.