The laboratory personnel may, at their discretion, and subject to the approval of the proper administrative authorities at Mississippi State University, do research on a contract or project basis for industries, governmental agencies, public or private organizations or corporations, or any others, at a price and on a basis to be determined by the aforesaid personnel. The proceeds derived from such research projects shall be deposited to a special fund in the treasury of the state of Mississippi to be known as the "fisheries and wildlife laboratory fund," to be disbursed and used pursuant to appropriation approved by the Legislature as provided by law.