A retail druggist whose place of business is located in a municipality of this State and who is a registered or licensed pharmacist or who regularly employs a registered or licensed pharmacist may sell, in the manner set out in this article and upon filing a bond in the sum of five thousand dollars to be approved by the clerk of the court of the county in which the druggist does business, conditioned for a faithful observance of the provisions of this article, pure alcohol for medical purposes only and grain alcohol to chemists and bacteriologists actually engaged in scientific work and for these purposes only. Nothing contained in this article prohibits the druggist from using alcohol in the compounding of prescriptions or other medicines, the sale of which would not subject him to the payment of a special tax required of liquor dealers by the federal government nor prohibits the druggist from compounding or selling medicinal preparations manufactured in accordance with formulas prescribed by the United States Pharmacopoeia and National Formulary which contain no more alcohol than is necessary to extract the medicinal properties of the drugs contained in these preparations and no more alcohol than is necessary to hold the medicinal agents in solution and which are manufactured and sold as medicines and not as beverages.