(1) The Arkansas Soybean Promotion Board shall administer this subchapter to promote the soybean industry in Arkansas and shall be vested with the authority and discretion to determine administrative or program implementation and administrative or program expenditure allocations.
(2) The board is authorized to use the funds derived from the assessments imposed in this subchapter for research, extension, market development, and advertising designed to promote the soybean industry in Arkansas, including administration expenses.
(3) Use of these funds may be applied, as prescribed in this section, within or without Arkansas, including regional, national, and international applications.
(4) The funds may also be used to defray costs of referenda.