(1) Premium funds paid over by the Arkansas Livestock and Poultry Commission to the respective associations shall be used only for the purpose of paying awards on approved entry classifications, the exhibitors of which are residents of this state.
(2) Exhibitors are ineligible to receive such funds from more than one (1) county association during any fiscal year.
(3) Not less than twenty-five percent (25%) of premium funds paid over by the state to the respective associations shall be used for paying premiums to winners of awards in the junior division of 4-H and FFA shows.