Any person, firm or corporation, before engaging in the business of culturing pearls in the public waters, shall first obtain an annual license from the wildlife resources agency. No nonresident shall be granted a license if the state or country of the nonresident prohibits residents of Tennessee from engaging in the business of culturing pearls. The fee for the license shall be one thousand dollars ($1,000). The business shall be conducted in accordance with rules and regulations promulgated by the fish and wildlife commission. The executive director of the wildlife resources agency shall select a committee of five (5) people that will include the executive director or the executive director's representative, the chief of fisheries, a fisheries biologist, and two (2) industry representatives to assist the executive director in the initial drafting of these rules and regulations.