No school board shall establish or contract to establish a career and technical education project until such project has been reviewed and approved by the Board of Education. The Board’s review shall be for the purpose of ensuring that (i) where a school board undertakes a project by contract with a corporation, such contract meets the requirements of this article, (ii) in undertaking a project, the school board complies with all other requirements of law and (iii) public funds will be protected. If the Board fails to act on a project submitted for approval within sixty days, the project shall be deemed to be approved.