US Laws, Codes, Statutes & Cases

 
    §  202-a.  Incorporation of non-profit racing associations on or after
  June twenty-sixth, nineteen hundred eighty-three. 1. On  or  after  June
  twenty-sixth,   nineteen  hundred  eighty-three,  no  non-profit  racing
  association shall be authorized  to  incorporate  for  the  purposes  of
  conducting  races  and  race  meetings and for the purpose of conducting
  pari-mutuel betting at the thoroughbred  racing  facilities  located  in
  Queens  county, Saratoga county, or jointly located in Nassau and Queens
  counties and known as Belmont Park  racetrack,  Aqueduct  racetrack  and
  Saratoga  thoroughbred  racetrack,  except pursuant to the provisions of
  this section.
    2. On or after the effective date of this section,  non-profit  racing
  associations  may be incorporated under this section for the purposes of
  conducting races and race meetings and, consistent with  the  provisions
  of  section two hundred twenty-four of this chapter, pari-mutuel betting
  at such racing facilities.
    3. Persons intending to incorporate a  non-profit  racing  association
  under  this  section  shall  submit  to  the  New  York state racing and
  wagering board a proposed certificate of incorporation. Such certificate
  shall be signed by twelve persons intending to be the incorporators  and
  each  of  whom  shall  become  a  director  of such association upon its
  incorporation with his name and address stated beneath or  opposite  his
  signature, acknowledged and delivered to the offices of the state racing
  and wagering board. It shall set forth:
    (a) The name of the proposed corporation.
    (b) The objects for which it is to be formed.
    (c) The location of its principal business office.
    (d)  That  its duration shall be for the term of any franchise granted
  to it to  conduct  races  and  race  meetings  at  such  facilities  and
  pari-mutuel betting on the races run at such race meetings.
    (e)  The  number  of  its directors shall be twenty-five, five of whom
  shall be appointed by the governor after the filing of  the  certificate
  of  incorporation and after such association has been granted franchises
  to conduct a race meeting at such facilities and pari-mutuel betting  on
  the  races  run thereat. Of the directors appointed by the governor, one
  each shall be upon the recommendation, respectively,  of  the  temporary
  president  of  the  senate,  the  speaker  of the assembly, the minority
  leader of the senate and the minority leader of the assembly.
    (f) The names and post-office addresses of the  directors  other  than
  those to be appointed by the governor.
    (g)  The  provision  that upon termination of the existence or earlier
  liquidation of such association all of its assets after  payment  of  or
  provision for its liabilities will be assigned, transferred and conveyed
  and  distributed  by  the  governor  then  in  office in accordance with
  applicable provisions of law.
    (h) The provision that at least one-fourth in number of the  directors
  not appointed by the governor shall be elected annually by the directors
  remaining  in office and that persons nominated to fill vacancies in the
  board of directors shall be approved by the state  racing  and  wagering
  board, which approval shall not be unreasonably withheld.
    (i)  The  provision that if such association is awarded a franchise to
  conduct races and race meetings at the  thoroughbred  racing  facilities
  located  in  Queens county, Saratoga county or jointly located in Nassau
  and Queens counties  and  known  as  Belmont  Park  racetrack,  Aqueduct
  racetrack  and  Saratoga  thoroughbred  racetrack  the existence of such
  association shall terminate at any time that such franchise  expires  or
  at any earlier time that such association dissolves itself in the manner
  provided  for  and conditioned by applicable provisions of law or at any
  time that such association relinquishes such  franchise  in  the  manner
  provided for and conditioned by applicable provisions of law.
    4.   If,   after  reviewing  the  submitted  proposed  certificate  of
  incorporation, the state racing and wagering board determines  that  the
  purposes  of  this  chapter  and the public interest will be promoted by
  such incorporation and further that such incorporation will be conducive
  to  the  interests  of  racing,  it   shall   authorize   the   proposed
  incorporators  to  file  with  the  secretary  of state a certificate of
  incorporation under this  section  which  shall  contain  the  identical
  provisions  included  within such proposed certificate of incorporation.
  No certificate of  incorporation  under  this  section  shall  be  filed
  without  a  statement of the state racing and wagering board that it has
  approved such filing being endorsed upon or annexed to such certificate;
  nor shall any certificate amending the said certificate of incorporation
  in  any  particular  or  any  certificate  of  merger   affecting   said
  corporation  be  accepted for filing with the secretary of state without
  the approval of the state racing and wagering board endorsed thereon  or
  annexed thereto stating that, in the opinion of such board, the purposes
  of  this  chapter  and  the  public  interest  will  be promoted by such
  amendment or merger and that such amendment or merger will be  conducive
  to the interests of racing.
    5.  After  incorporation of any such non-profit racing association the
  board of directors, may apply, in the manner provided for in subdivision
  eleven of section two hundred eight of this chapter for a  franchise  to
  conduct  races  and race meetings and pari-mutuel betting at such racing
  facilities.
    6. No member of the board of directors shall receive any  compensation
  for  his services as such but shall be entitled to reimbursement for his
  actual and necessary expenses incurred in the performance of his duties.
    7. Notwithstanding any inconsistent provisions of this  or  any  other
  law,  general, special or local, no officer or employee of the state, or
  of any public benefit corporation shall be deemed to have  forfeited  or
  shall  forfeit  his  office or employment or any benefits provided under
  the retirement and social security law or under  any  public  retirement
  system  maintained  by the state or any of its subdivisions by reason of
  his  acceptance  of  membership  on  the  board  of  directors  of   the
  corporation.