(1) The commission is hereby empowered and authorized to establish a fund to be known as the Wildlife Heritage Fund to be deposited in an approved state depository and expended by appropriation approved by the Legislature as provided by law. The interest obtained from any investment or deposit of monies in such fund shall be deposited by the commission into such fund.

(2) The commission is empowered and authorized, in addition to such sums as may be appropriated from time to time by the Legislature, to accept from any person, firm, corporation or agency of government, national, state or local any gifts or devise, lands, money for the purpose of acquiring by lease, or purchase any area for hunting or fishing use, outdoor recreation, or for the preservation of any species of wildlife or fish. Such lands and waters as are acquired under the provisions of Sections 49-5-61 through 49-5-85 and Section 49-5-78 shall be under the administration and control of the commission until a proper plan shall be developed for the land or water. The commission shall enter into an agreement with an appropriate agency in the executive branch to develop a plan for the land or water. After the plan is developed, the land or water shall be transferred to the administration and control of the department or other appropriate agency in the executive branch to be managed by the agency according to the plan.

(3) The commission is authorized and empowered to accept and earmark for any purpose, not inconsistent with the provisions of Sections 49-5-61 through 49-5-85, any gift or devise, lands or money from any person, firm, corporation or governmental unit on such terms and conditions as the donor may designate.