Here are the rules:
MAC APP STORE PRODUCT USAGE RULES
Except as otherwise set forth herein,
ℹ You may download and use an application from the Mac App Store (“Mac App Store Product”) for personal, non-commercial use on any Apple-branded products running Mac OS X that you own or control (“Mac Product”).
(ii) If you are a commercial enterprise or educational institution, you may download a Mac App Store Product for use either (a) by a single individual on each of the Mac Product(s) that you own or control, or (b) by multiple individuals on a single shared Mac Product that you own or control. For example, a single employee may use a Mac App Store Product on both the employee’s desktop Mac Product and laptop Mac Product, or multiple students may serially use the Product on a single Mac Product located at a resource center or library.
(iii) Use may require sign-in with the Apple ID used to download the Mac App Store Product from the Mac App Store. Mac App Store Products can be updated through the Mac App Store only.
APP STORE PRODUCT USAGE RULES
ℹ You may download and sync a Product for personal, noncommercial use on any Apple-branded products running iOS (“iOS Product”) you own or control.
(ii) If you are a commercial enterprise or educational institution, you may download and sync a Product for use by either (a) a single individual on one or more iOS Product you own or control or (b) multiple individuals, on a single shared iOS Product you own or control. For example, a single employee may use the Product on both the employee's iPhone and iPad, or multiple students may serially use the Product on a single iPad located at a resource center or library.
(iii) You shall be able to store App Store Products from up to five different Accounts at a time on compatible iOS Products.
(iv) You shall be able to manually sync App Store Products from at least one iTunes-authorized device to iOS Products that have manual sync mode, provided that the App Store Product is associated with an Account on the primary iTunes-authorized device, where the primary iTunes-authorized device is the one that was first synced with the iOS Product or the one that you subsequently designate as primary using the iTunes application.
Above from:
http://www.apple.com/legal/itunes/us/terms.html#SERVICE
I interpret the above to say you have to purchase multiple apps for multiple iPads unless all the iPads are used by one individual. You interpretation may vary.