(1) The Mississippi Soybean Promotion Board shall plan and conduct a program of research, education and advertising designed to promote the soybean industry in Mississippi and said board is authorized to use the funds derived from the assessment imposed herein for these purposes, including basic administration expenses of said plan. Use of these funds may be applied, as prescribed in this section, within or without the State of Mississippi, including regional, national and international research and promotional applications.
(2) The funds may be expended only for the purposes set out in this chapter and shall be spent in no manner for political purposes. A report of all expenditures shall be made annually on December 31, with four (4) copies of the report to be filed and presented during regular sessions of the Mississippi Legislature with each of the following: the Chairman of the House of Representatives Agriculture Committee, the Chairman of the Senate Agriculture Committee, the Mississippi Department of Agriculture and Commerce and the State Auditor.
(3) If the board fails to make an annual report in violation of the provisions of subsection (2) of this section, the board shall be subject to a fine of not more than Five Hundred Dollars ($500.00).
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