(1)  The account established in the Special Deposits and Trust Fund as the Apple and Pear Industry Research and Development Account, by section 5 of the Repealed Act, is continued as the Fruit and Nut Research, Development and Extension Trust Fund.

(2)  There is to be paid into the FNRDE Account all interest arising from the investment of the money in the FNRDE Account.

(3)  Any money standing to the credit of the FNRDE Account is to be applied by the Board of Management for –

(a) the benefit of Tasmania's fruit and nut industry by funding the following activities:

(i) research;

(ii) development of the industry;

(iii) extension of the industry;

(iv) marketing and promotion;

(v) the establishment of access to markets;

(vi) the development of protocols relating to quarantine;

(vii) the improvement or acquisition of land, buildings, plant or equipment; and

(b) the recovery of any costs arising from the administration of this Act or the Repealed Act; and

(c) any other purposes recommended by the Board of Management and approved by the Minister.

(4)  For the purposes of subsection (3)(a)(iii)  –

extension , in relation to the fruit and nut industry, includes the exchange of information and the teaching of skills.

(5)  In carrying out its duties under subsection (3) , the Board of Management must undertake such consultation as it considers appropriate with any persons engaged in the fruit and nut industry and any body or organisation representing those persons.

(6)  The Board of Management may determine the terms and conditions of any payment of money from the FNRDE Account.