The institute personnel may at their discretion, and subject to approval of the proper administrative authorities at the University of Mississippi, do research on a contract on 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 project shall be used, in addition to other funds provided therefor, for the operation and support of the institute.
Miss. Code § 57-23-15