(1) The Mississippi Soybean Promotion Board is hereby created, to be composed of twelve (12) members to be appointed by the Governor to serve terms of three (3) years, as hereinafter provided. All of the twelve (12) members of the board shall be producers of soybeans in the State of Mississippi. Within ten (10) days following the effective date of this chapter, each of the following organizations, namely, Mississippi Farm Bureau Federation, Inc., Mississippi Feed and Grain Association, Mississippi Soybean Association and Delta Council shall submit the names of six (6) soybean producers to the Governor, and he shall appoint three (3) members from the nominees of each organization to serve on the board on rotating three-year terms. The original board shall be appointed with members of each of the aforenamed organizations appointed as follows: one (1) for one (1) year, one (1) for two (2) years, and one (1) for three (3) years. Each year thereafter, not less than thirty (30) days prior to the expiration of the terms of expiring board members, the aforenamed organizations shall submit the names of three (3) nominees to the Governor and succeeding boards shall be appointed by the Governor in the same manner, giving equal representation to each organization. Vacancies which occur shall be filled in the same manner as the original appointments were made.

(2) The members of the board shall meet and organize immediately after their appointment, and shall elect a chairman, vice chairman and secretary-treasurer from the membership of the board, whose duties shall be those customarily exercised by such officers or specifically designated by the board. 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 said bonds shall be paid from the funds received under the provisions of this chapter. Such bond shall be a security for any illegal act of such member of the board and recovery thereon may be had by the state for any injury by such illegal act of such member. The board may establish rules and regulations for its own government and the administration of the affairs of the board.