There is a newer version of the New York Consolidated Laws
2006 New York Code - Incorporation Of Nonprofit Racing Associations On Or Before June Twenty-fifth, Nineteen Hundred Eighty-three.
§ 202. Incorporation of nonprofit racing associations on or before June twenty-fifth, nineteen hundred eighty-three. On or before June twenty-fifth, nineteen hundred eighty-three nonprofit racing associations may be incorporated under this article for the purpose of conducting races and race meetings at the thoroughbred racing facilities located in Queens county, Saratoga county or jointly located in Nassau and Queens counties and known as Belmont Park racetrack, Aqueduct racetrack and Saratoga thoroughbred racetrack, improving the racing facilities, increasing the conveniences available to patrons and serving the best interest of racing generally and improving the breed of horses. Notwithstanding any provision of law to the contrary, a non-profit racing association incorporated under this article may apply to the board for a license to conduct harness racing at any of its facilities and the board may grant such license in accordance with the provisions of article three of this chapter. The certificate of incorporation of such nonprofit racing association shall contain in addition to the statements required by section two hundred one of this chapter: 1. The provision that no assets of such association shall be paid or distributed on its capital stock by way of dividend or otherwise or be used for the purchase or retirement of its capital stock. 2. The provision that upon termination of the existence or earlier liquidation of such association all of its assets after payment of or provision for its liabilities will be assigned, transferred and conveyed and distributed by the governor then in office in accordance with applicable provisions of law. 3. The provision that the number of its directors or trustees, who shall each be a stockholder having at least five shares of stock, shall be not less than five nor more than twenty as may be fixed from time to time by its by-laws, that at least one-fourth in number of the directors or trustees of such nonprofit racing association shall be elected annually and that persons nominated to fill vacancies in the board of directors or trustees shall be approved by the state racing and wagering board, which approval shall not be unreasonably withheld; and the further provision that upon request of the state racing and wagering board the board of directors or trustees or the stockholders of such association shall remove or dismiss, after specification of and hearing on charges, any director or trustee or executive officer of such association for inefficiency, neglect of duty, misconduct or malfeasance in office or waste or action considered not to be in the best interests of racing generally, and no director or trustee or executive officer so removed or dismissed shall have any claim against the state racing and wagering board or the board of directors or trustees or the stockholders of such association by reason of such removal or dismissal. Notwithstanding any other provision of law, nonprofit racing associations, organized pursuant to this section shall have all the general powers of corporations created under the laws of this state, including the powers and obligations of stock corporations and shall not be governed by the not-for-profit corporation law insofar as it is derived from the membership corporation law. No certificate of incorporation under this section wherein the right to conduct running or steeplechase race meetings or hunt meetings is claimed, shall hereafter be filed without the approval of the state racing and wagering board indorsed thereon or annexed thereto, stating that, in its opinion, the purposes of this article and the public interest will be promoted by such incorporation, and that such incorporation will be conducive to the interests of legitimate racing; nor shall any certificate amending the said certificate of incorporation in any particular or any certificate of merger affecting said corporation be filed without the approval of the state racing and wagering board indorsed thereon or annexed thereto stating that, in its opinion, the purposes of this article and the public interest will be promoted by such amendment or by such merger and that such amendment or such merger will be conducive to the interests of legitimate racing; provided, however that the provisions contained in subdivisions two and five of this section as enacted by an amendment made by section one of a chapter of the laws of nineteen hundred eighty-three and as further amended by section one of a chapter of the laws of 1997 shall be deemed to be incorporated within and made part of the certificate of incorporation of the non-profit racing association incorporated under section one-a of chapter four hundred forty of the laws of nineteen hundred twenty-six in effect on June twenty-fourth, nineteen hundred eighty-three as if each such provision had been required by the provisions of such section one-a as added by chapter eight hundred twelve of the laws of nineteen hundred fifty-five and no amendment to such certificate to incorporate any such provision shall be necessary to give effect to any such provision and that any provision contained within such certificate on June twenty-fourth, nineteen hundred eighty-three which is inconsistent in any manner with the provisions contained within subdivisions two and five of this section shall be null and void and cease to be of effect and shall be superseded by the provisions of such subdivisions on the effective date of this section. 4. The provision that in addition to the elected trustees or directors hereinbefore provided for, the governor shall appoint eight additional members to the board of trustees or directors, as the case may be, each for terms of two years, one of such members and his successor shall be appointed upon the nomination of the temporary president of the senate and one other upon the nomination of the speaker of the assembly and no member appointed pursuant to the provisions of this subdivision shall receive any compensation for his services but shall be entitled to reimbursement from the association for his actual and necessary expenses incurred in the performance of his duties. 5. The provision that if such association is awarded a franchise to conduct races and race meetings at the thoroughbred racing facilities located in Queens county, Saratoga county or jointly located in Nassau and Queens counties and known as Belmont Park racetrack, Aqueduct racetrack and Saratoga thoroughbred racetrack, the existence of such association shall terminate at any time that such franchise expires or at any earlier time that such association dissolves itself in the manner provided for and conditioned by applicable provisions of law or at any time that such association relinquishes such franchise in the manner provided for and conditioned by applicable provisions of law.
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