(1) The recipient of the funds generated by the interest on real estate brokers' trust account program shall be such Arkansas nonprofit corporation as the Arkansas Real Estate Commission shall designate.
(2) The corporation shall be governed by a board of directors consisting of not fewer than five (5) nor more than fifteen (15) members.
(3) At least sixty percent (60%) of the total number of directors shall be appointed by the commission and the remainder by the Arkansas Realtors Association.
(4) The corporation shall be tax exempt as defined by § 501(c)(3) of the Internal Revenue Code.
(5) The funds generated by the program shall be used for economic development, research, education, and such other public service purposes as may be determined by the recipient corporation specified in this section.