§302A-420  Profits and school credit for students.  All net profits arising from agricultural, industrial, or commercial enterprise pursuits at any school, under the rules of the department:

     (1)  Shall be used by the school to support agricultural, industrial, and commercial enterprise pursuit programs and for the purchase of equipment and materials, not otherwise provided for in the school budget, that will be of general benefit to the students; or

     (2)  May be distributed among the students actually engaged in the pursuits; provided that school credit may also be granted to students engaged in the permitted operations, either in addition to, or in lieu of, any net profits distributed to the students;

provided further that the commercial enterprise does not affect the tax-exempt status of general obligation bonds and complies with the requirements of section 302A-448.  The department shall provide for the keeping of simple books of account, showing the source and distribution of the money resulting from the operations carried on pursuant to this section, and for the auditing of these books of account at least quarterly. [L 1996, c 89, pt of §2; am L 1997, c 144, §2; am L 2022, c 148, §2]