5:8-51.3 - Conduct of raffles by student loan funds, permitted - New Jersey Statutes

5:8-51.3.  Conduct of raffles by student loan funds, permitted1.  A nonprofit corporation organized under the laws of this State for the sole purpose of making loans to students from a single New Jersey school district to defray the costs of post-secondary education shall be deemed to be a bona fide educational organization which is eligible to conduct raffles and the net proceeds of such raffles shall be deemed to be devoted to educational uses.

L.1996,c.159,s.1.