US Laws, Codes, Statutes & Cases

 
    §  205.  Certificate  of  payment of stock. Except as provided in this
  article, no corporation or association hereafter  organized  under  this
  article  or  heretofore  organized  in  pursuance of law for any purpose
  authorized by this article, shall have any of the  powers  conferred  by
  section two hundred three hereof until it shall have filed in the office
  or  offices  where its certificate of incorporation was filed, a further
  certificate stating that its capital stock has been fully paid in  cash,
  and if claiming the right to conduct running race meetings, that, except
  as  may be authorized by the board, it actually maintains a racetrack of
  not less than five-eighths of one mile in length or  circumference,  the
  location  of  which  shall  be  specified  in  such certificate. If such
  corporation  or  association  was  organized  after  the  first  day  of
  February,  nineteen  hundred  two,  and  it  claims the right to conduct
  running race meetings, the certificate must also have indorsed  thereon,
  or annexed thereto, the approval of the state racing and wagering board.
  Such  certificate shall be executed and acknowledged by its president or
  vice-president and its treasurer or secretary, and verified by  them  to
  the  effect that the statements contained in it are true. In the case of
  racing courses to be used for running races or steeplechases, a  license
  from  the  state  racing and wagering board must also be obtained in the
  manner hereinafter  provided,  and  such  license  be  filed  with  such
  certificate.