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.