(1) Any educational cooperative plan or scholarship plan shall be deemed a plan subject to this part if the principal features of the plan consist of: Participation by a specific person based on contributions made on behalf of that person; and
(2) Qualification for participation in whole or in part based upon amount and duration of the contribution.
(3) Any person, firm, corporation or corporation for profit may advertise or solicit funds for the plans if employed by the corporation not for profit; provided, that the person, firm, corporation or corporation for profit complies fully with the provisions set out in this part.