3.—(1) There shall be established a development council for the industry, to be known as the Milk Development Council, and there shall be assigned to them the functions specified in Schedule 1.
(2) The Council shall exercise their functions in such manner as appears to them to be likely to increase efficiency and productivity in the industry, to improve and develop the service that the industry renders or could render to the community or to enable the industry to render that service more economically.
(3) The Council may enter into such agreements, acquire such property and do such things, as may in the opinion of the Council be necessary or desirable for the exercise of any of their functions and may dispose of as they think fit of any property acquired by them.