2025 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 2 - Thoroughbred Racing and Breeding
201 - Incorporation.

§  201. Incorporation. (a) General requirements. Any number of persons
may become a corporation for the purpose of conducting racing at one  or
more   thoroughbred  racetracks,  conducting  pari-mutuel  wagering  and
furthering the raising and breeding and improving the breed  of  horses,
with  all  the  general powers of corporations created under the laws of
this state, by making, signing, acknowledging and filing  a  certificate
which shall contain:
1. The name of the proposed corporation.
2.  The objects for which it is to be formed, including a statement as
to whether it is proposed to exercise the particular powers conferred by
section two hundred three of this article, and specifying whether it  is
proposed to conduct running or steeplechase race meetings.
3. The amount and description of the capital stock, if applicable.
4.  The  number  of  shares of which the capital stock, if applicable,
shall consist, each of which shall not be less than five nor  more  than
one hundred dollars.
5. The location of its principal business office.
6.  Its  duration,  which  shall  be  for  a  franchised  corporation,
coterminous with the term of the franchise.
7. The number of its directors.
8.  The  names  and  post-office  addresses  of   the   directors   or
incorporators, as applicable, for the first year.
9. The post-office addresses of the subscribers and a statement of the
number  of shares of stock which each agrees to take in the corporation,
if applicable.
10. The name of the county in which it proposes to conduct running  or
steeplechase race meetings.
  (b)  Approval.  No  certificate  of  incorporation  under this section
wherein the right to conduct running or steeplechase  race  meetings  is
claimed,   shall   hereafter  be  filed  without  the  approval  of  the
commission, 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  commission,  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.