The commission, at such time as may be determined by it, shall hold, annually, a fair upon the state fairgrounds above designated; and at these fairs all important products of the state shall be recognized, according to merit, by premiums or rewards, for excellence offered by the commission, out of a fund provided therefor by the legislature of the state, or from funds that may be otherwise provided. The commission may require parties receiving awards for excellence or merit to provide a complete history of how the exhibit was produced, and all other information concerning the entry that would be of interest or benefit to the general public; and provided further, that should the state fail for three consecutive years to hold a fair, the land thus used for state fair purposes shall revert to the parties donating it.