No provision of law prohibiting practice of the healing arts by a business organization shall apply to a healing arts school clinic under the supervision of a person licensed to practice the same branch of the healing arts if such healing arts school is: (a) Approved by the board; (b) a non-profit entity under section 501(c)(3) of the internal revenue code of 1986; and (c) approved by the state board of regents or exempt from such approval under K.S.A. 74-32,164, and amendments thereto .
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