US Laws, Codes, Statutes & Cases

 
    §   202-b.   Dissolution   of   non-profit   racing  associations.  1.
  Notwithstanding any inconsistent provision of  law,  the  department  of
  state  shall  not  file  a  certificate  of  dissolution  submitted by a
  non-profit  racing  association  incorporated  under  section  one-a  of
  chapter  four  hundred  forty of the laws of nineteen hundred twenty-six
  (now  continued  as  section  two  hundred  two  of  this  chapter)   or
  incorporated  under  section  two  hundred  two-a  of  this  chapter and
  received by such department in accordance with the provisions of article
  ten of the business corporation law  unless  the  consents  required  by
  section  ten  hundred  four  of such law and the consent of the New York
  state thoroughbred racing capital investment fund are attached thereto.
    2.  Notwithstanding  any  inconsistent  provision  of  section  eleven
  hundred eleven of the business corporation law or of any other provision
  of  law,  in  making  its  decision  to  make  a judgment or final order
  dissolving the corporate existence of a  non-profit  racing  association
  incorporated  under  section  one-a of chapter four hundred forty of the
  laws of nineteen  hundred  twenty-six  (now  continued  as  section  two
  hundred  two  of this chapter) or incorporated under section two hundred
  two-a of this chapter upon a petition for dissolution presented to it by
  such an association pursuant to the provisions of section eleven hundred
  two, eleven hundred  three  or  eleven  hundred  four  of  the  business
  corporation  law  or  any  combination of such sections, the court shall
  take into consideration the criteria that  such  dissolution  serve  the
  benefit of the people of the state of New York and the best interests of
  thoroughbred  horse  racing  and  the  ability  of the state to derive a
  reasonable revenue  for  the  support  of  government  from  pari-mutuel
  betting  on  thoroughbred  racing  as  well  as the criteria which would
  otherwise be considered by the court as provided  for  in  subparagraphs
  one  and  two  of  paragraph (b) of section eleven hundred eleven of the
  business corporation law.
    3. Notwithstanding any inconsistent provision of law at any  stage  of
  an  action  or  special proceeding initiated by such a non-profit racing
  association in accordance with the provisions of article eleven  of  the
  business  corporation  law, the court shall, upon application made to it
  by the state or such other  instrumentality  of  the  state  as  may  be
  appropriate,  make  all  such orders as it may deem proper in connection
  with preserving the property  and  carrying  on  the  business  of  such
  association  pursuant  to  the  provisions  of  subdivision  thirteen of
  section two hundred fifty-four  of  this  chapter  or  other  applicable
  provisions  of  this  chapter  in  such a manner as will afford adequate
  protection  of  the  rights  of  the  state  and/or   any   such   other
  instrumentality   of  the  state  as  may  be  appropriate  and/or  such
  non-profit racing association with respect to the racing  facilities  of
  the  association  consistent with the provisions of sections two hundred
  nine-a and two hundred fifty-five and subdivision eleven of section  two
  hundred   eight   of   this   chapter;  and  the  state  or  such  other
  instrumentality of the state as may be appropriate shall be entitled  to
  seek  injunctive  relief  from the court under the provisions of section
  one thousand one hundred fifteen of  the  business  corporation  law  in
  order to preserve such rights.