US Laws, Codes, Statutes & Cases

 
    §  221-b.  Membership  in  a national thoroughbred racing association.
  Notwithstanding any other  provision  of  law  to  the  contrary,  if  a
  majority  of  the  board  of  directors  of  a  horsemen's  organization
  qualified pursuant to section two hundred  twenty-one  of  this  article
  shall  annually  approve,  the  qualified  horsemen's  organization  may
  request that a non-profit racing association make payments,  from  funds
  earned  and  retained  for  purses,  to the National Thoroughbred Racing
  Association, for the purposes of establishing and maintaining membership
  for  such  organization.  Upon  receipt  of  a  duly  adopted  corporate
  resolution  requesting  payment  to  the  National  Thoroughbred  Racing
  Association from  a  qualified  horsemen's  organization,  a  non-profit
  racing  association  shall  make payments from funds earned and retained
  for  purses  on  behalf  of  such  qualified  horsemen's   organization,
  provided:
    1.  In  no  event  shall  the sum of the payments made pursuant to the
  corporate resolution during any twelve month  period  exceed  an  amount
  equal  to  one and one-quarter percentum of the total purses paid at all
  tracks  operated  by  such  non-profit  racing  association  during  the
  preceding calendar year.
    2.  Payments  shall  be  made  by the non-profit racing association in
  accordance with a schedule provided in the corporate resolution  by  the
  board  of the qualified horsemen's organization. Such schedule shall (i)
  identify the twelve month period commencing on April first during  which
  a  specific  sum is to be paid and (ii) delineate a timetable for making
  the payments, which  are  to  be  equal  in  amount  and  made  no  less
  frequently than every three months.
    3.  Upon  receipt  of  a  duly  adopted  corporate resolution from the
  qualified horsemen's organization stating that a majority of  its  board
  members  has  voted to rescind approval of such payments, the non-profit
  racing association shall make no further payments unless  and  until  it
  receives  a  duly  adopted  corporate  resolution  as  described in this
  section.