(1) The Department of Agriculture and Commerce is authorized to collect the assessment created by the Soybean Promotion, Research and Consumer Information Act administered by the United States Department of Agriculture on behalf of the Mississippi Soybean Promotion Board.

(2) The department shall pay over to the Mississippi Soybean Promotion Fund, as established in Section 69-9-5, all funds collected under this section. The State Fiscal Officer is authorized to issue warrants for the payment of monies from the proceeds of this fund upon requisition by the Mississippi Commissioner of Agriculture and Commerce, or his designee, in accordance with federal statutes governing this section.

(3) The Mississippi Department of Agriculture and Commerce shall submit to the Soybean Promotion Board a budget detailing and justifying the administrative costs of the department in administering the provisions of this chapter, and such budget must be approved by the Soybean Promotion Board by April 1 of each year. The department is further authorized to retain an amount not to exceed three and one-half percent (3-½%) of the funds collected under the provisions of this section as administrative fees. The amount retained by the department must be approved by the Soybean Promotion Board by July 1 of each year. This amount may be retained from any funds collected on behalf of the Soybean Promotion Board, including those collected under the provisions of Section 69-9-5.

(4) The board shall make a report of all income and expenditures made annually and provide copies of such report to the department.