(1) A state federation of county farm bureaus may be formed by a majority of the county farm bureaus in existence at the time of the formation of said federation, which have been organized pursuant to KRS 247.240 and 247.250, but said majority shall consist of no less than ten (10) such county farm bureaus.
(2) The state federation of farm bureaus shall have for its purpose the advancement and improvement of agricultural and allied interests of the farms of this state and may cooperate with the department, the College of Agriculture of the University of Kentucky, and the United States Department of Agriculture.
(3) The provisions of subsection (1) of this section shall not affect any existing state federation formed pursuant to the provisions of Chapter 76 of the Acts of 1920 of the General Assembly of the Commonwealth of Kentucky.