(1) The Mississippi Beef Industry Council is created and shall be composed of eighteen (18) members as follows:

(a) Seven (7) members appointed by the Mississippi Cattlemen’s Association, of whom one (1) shall be a meat scientist or a meat packer;

(b) One (1) member appointed by the Mississippi Cattlewomen’s Association;

(c) Five (5) members appointed by the Mississippi Farm Bureau Federation, of whom one (1) shall be a dairy farmer and one (1) shall be a beef retailer;

(d) Five (5) members appointed by the Mississippi Livestock Marketing Association.

(2) Within thirty (30) days after the levy of the national beef promotion and research program established by the “Beef Promotion and Research Act of 1985” is finally adjudicated unconstitutional, each organization shall select its members to serve on the council. The members of the council shall meet and organize after their appointment and shall select a chairman, vice chairman and secretary-treasurer from the membership of the council. The council may establish rules and regulations for the administration of the duties of the council. The minutes of the council shall reflect the votes taken by the council concerning any contracts for projects of research, education, advertisement or promotion of the beef industry.

(3) The chairman, vice chairman and secretary-treasurer shall be bonded in an amount not less than Twenty Thousand Dollars ($20,000.00). The cost of the bonds shall be paid from the funds received under this chapter.