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. L.1996,c.159,s.1.
New Jersey Legal Code