Notwithstanding the repeal of the Sugar Industry Agreement, 1979, the Sugar Industry Development Fund established in terms of clause 61(1) of that Agreement for the purpose of promoting the development of sugar production and improving the overall economy of the Industry shall continue to exist and shall be administered by the South African Sugar Association in accordance with such directives or regulations as the South African Sugar Association may from time to time determine and the financing of that Fund shall be an industry obligation.