(1) The board shall plan and conduct a program of research, education and advertising designed to promote the corn industry in Mississippi. The board is authorized to use the funds derived from the assessment imposed herein for these purposes, including basic administration expenses of the 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)

(a) The Mississippi Legislature finds and declares that the factors which affect the ability of Mississippi corn farmers to market their crop are established by national and international forces in the world market. The Legislature further finds and declares that the expenditure of funds by the board for the purpose of influencing the development and implementation of national and international policy affecting the marketing of corn produced by Mississippi farmers is the expenditure of funds for a public purpose.

(b) The board may expend a portion of the funds received and administered by the board for the purpose of influencing the development and implementation of national and international policy affecting the marketing of corn produced by Mississippi farmers.

(c) The amount of funds expended by the board in each fiscal year for the purposes authorized in this subsection shall not exceed fifteen percent (15%) of the budget of the board for that fiscal year.

(d) The board shall not expend any funds for the purpose of influencing any political activity.

(3) A report of all income and expenditures shall be made annually on December 31, with four (4) copies of the report to be filed and presented during the 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.

(4) If the board fails to make an annual report in violation of the provisions of subsection (3) of this section, the board shall be subject to a fine of not more than Five Hundred Dollars ($500.00).