US Laws, Codes, Statutes & Cases

 
    §   209-a.  Disposition  of  racing  facilities.  Any  corporation  or
  association incorporated under section two hundred two of this  chapter,
  which is licensed or enfranchised under this article, desiring to grant,
  give,  devise,  or  sell  its  capital stock or the capital stock of any
  other  such  corporations  or  associations  acquired  pursuant  to  the
  provisions  of section seven-b of chapter four hundred forty of the laws
  of nineteen hundred twenty-six as added by chapter eight hundred  twelve
  of  the laws of nineteen hundred fifty-five and continued as section two
  hundred nine of this article by chapter eight hundred sixty-five of  the
  laws  of  nineteen  hundred  eighty-two  or  any  other assets including
  tangible and  intangible  assets,  racing  facilities  and  real  estate
  acquired  pursuant  to  the provisions of such section two hundred nine,
  shall apply to the state racing and wagering board and to the  board  of
  the  New  York  state  thoroughbred  racing  capital investment fund for
  approval of such disposition, provided, however, that  the  approval  of
  such  boards shall not be necessary for the sale of property, other than
  real property, which is appropriately, customarily and usually  sold  by
  the  association  in  the  normal  course  of  its  business or which is
  necessary or appropriate in the normal course of its business. If in the
  judgment of each such board, acting individually, the  public  interest,
  convenience  or necessity and the best interest of racing will be served
  thereby, each such board shall enter an order granting approval of  such
  disposition and of the terms thereof.