CHAPTER 159

 

An Act concerning the eligibility of certain organizations to conduct raffles and supplementing P.L.1954, c.5 (C.5:8-50 et seq.).


    Be It Enacted by the Senate and General Assembly of the State of New Jersey:


C.5:8-51.3 Conduct of raffles by student loan funds, permitted.

    1. 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.


    2. This act shall take effect immediately.


    Approved January 8, 1997.