The monies of the Fund shall be applied as follows:

(a) towards the promotion and development of fisheries in the country;

(b) to meet the liabilities of the Commission in respect of the monitoring, control and survei1lence of the fishery waters;

(c) to provide assistance to small scale fishery co-operative enterprises;

(d) to promote research and studies of the fishing industry; and

(e) Toward such other purposes as the Commission in consultation with the Minister may determine.