US Laws, Codes, Statutes & Cases

 
    §  201.  Incorporation. Any number of persons, not less than five, may
  become a corporation  for  the  purpose  of  raising  and  breeding  and
  improving   the  breed  of  horses,  with  all  the  general  powers  of
  corporations created under the laws of this state, by  making,  signing,
  acknowledging and filing a certificate which shall contain:
    1. The name of the proposed corporation.
    2.  The objects for which it is to be formed, including a statement as
  to whether it is proposed to exercise the particular powers conferred by
  section two hundred three of this chapter, and specifying whether it  is
  proposed   to  conduct  running,  steeplechase  race  meetings  or  hunt
  meetings.
    3. The amount and description of the capital stock.
    4. The number of shares of which the capital stock shall consist, each
  of which shall not be less than five nor more than one hundred dollars.
    5. The location of its principal business office.
    6. Its duration, which shall not exceed fifty-seven years.
    7. The number of its directors, not  less  than  five  nor  more  than
  thirteen, who shall each be a stockholder having at least five shares of
  stock.
    8.  The names and post-office addresses of the directors for the first
  year.
    9. The post-office addresses of the subscribers and a statement of the
  number of shares of stock which each agrees to take in the corporation.
    10. The name of the county in which it proposes  to  conduct  running,
  steeplechase race meetings or hunt meetings.
    No  certificate  of incorporation under this section wherein the right
  to conduct running or steeplechase race meetings  or  hunt  meetings  is
  claimed,  shall  hereafter  be  filed  without the approval of the state
  racing and wagering board indorsed thereon or annexed  thereto,  stating
  that,  in  its  opinion,  the  purposes  of  this article and the public
  interest  will  be  promoted  by  such  incorporation,  and  that   such
  incorporation  will  be conducive to the interests of legitimate racing;
  nor shall any certificate amending the said certificate of incorporation
  in  any  particular  or  any  certificate  of  merger   affecting   said
  corporation  be  filed  without  the  approval  of  the state racing and
  wagering board indorsed thereon or annexed thereto stating that, in  its
  opinion,  the  purposes  of this article and the public interest will be
  promoted by such amendment or by such merger and that such amendment  or
  such merger will be conducive to the interests of legitimate racing.