US Laws, Codes, Statutes & Cases

 
    § 208-a. Relinquishment of franchises by nonprofit racing association.
  1.  No nonprofit racing association shall relinquish a franchise granted
  to it pursuant to section  two  hundred  eight  of  this  chapter  or  a
  franchise  granted  to it pursuant to section two hundred twenty-four of
  this chapter at any time within the term of any such franchises  without
  giving   separate  written  notification  of  its  intention  to  effect
  relinquishment by certified mail return receipt  requested  to  the  New
  York  state  thoroughbred  racing  capital investment fund and the state
  racing and wagering board not less than one hundred eighty days prior to
  the  date  such  association  proposes  to  be  the  effective  date  of
  relinquishment.
    2.  Such an association shall not present a certificate of dissolution
  of its corporate existence under article ten of the business corporation
  law to the department of state with the consent required by law attached
  thereto for a period of at least one hundred eighty days  following  the
  date  that  the  association elected to dissolve its corporate status in
  the manner authorized by the provisions of such article.
    3. Such an association also shall not present a petition for  judicial
  dissolution  of  its  corporate  existence  to  a  court pursuant to the
  provisions  of  section  eleven  hundred  six  of  such  law  under  the
  provisions of section eleven hundred two, eleven hundred three or eleven
  hundred  four  of  such  law  or  any combination of such sections for a
  period of at least one hundred  eighty  days  following  the  date  that
  action  was  completed  under section eleven hundred two, eleven hundred
  three or eleven hundred four of such law  or  any  combination  of  such
  sections   authorizing   the  presentation  of  such  petition  and  the
  association agrees to name the fund in the petition for the  purpose  of
  enabling the fund to receive a copy of any order to show cause made by a
  court under the provisions of such section eleven hundred six.
    4.   Such an association during the term of such a franchise shall not
  sell or liquidate any of its racing facilities without the prior written
  approval of both the board of the New  York  state  thoroughbred  racing
  capital investment fund and the New York state racing and wagering board
  in the manner provided by section two hundred nine-a of this chapter and
  after January first, nineteen hundred ninety-eight, shall not convey any
  existing racing facility without a law authorizing such conveyance.