(a)
(1) Each county and district livestock show or fair association qualifying shall be entitled to that part of the total funds appropriated for the purpose that the qualifying grade points earned by that county for the previous year bear to the total grade points of all counties in which all qualifying associations are located.
(2) No county shall receive less than five hundred dollars ($500).
(b)
(1) Counties having more than one (1) city or town in which regular sessions of circuit court are authorized by law and in which livestock shows have been held, if otherwise qualified, may participate in the county premium funds on the same basis as other county shows.
(2) Associations located in two (2) or more adjoining counties may hold a joint show upon approval of their respective associations, in which event, the funds due each association shall be paid to the executive officer of the joint show.