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Provides for statewide lottery with monthly drawings. Creates State Lottery Commission of three members appointed by Governor, with supervisorial powers over licensee permitted to conduct lottery. Commission shall issue only one license to conduct lottery; original license to go to a named private corporation for a period of 10 years; licensee to pay annual fee of $500.00 for each county in State. Commission shall print and sell $2.00 tickets to licensee for $1.74; 74% of money received by Commission appropriated for public education; 26% to be used for expenses of Commission and prizes.