N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 1365: Conservatorship

§ 1365. Conservatorship. 1. Upon revocation or suspension of a gaming

facility license or upon the failure or refusal to renew a gaming

facility license, the commission may appoint a conservator to

temporarily manage and operate the business of the gaming licensee

relating to the gaming facility. Such conservator shall be a person of

similar experience in the field of gaming management and, in the case of

replacing a gaming facility licensee, shall have experience operating a

gaming facility of similar caliber in another jurisdiction, and shall be

in good standing in all jurisdictions in which the conservator operates

a gaming facility. Upon appointment, a conservator shall agree to all

licensing provisions of the former gaming licensee.

2. A conservator shall, before assuming, managerial or operational

duties, execute and file a bond for the faithful performance of its

duties payable to the commission with such surety and in such form and

amount as the commission shall approve.

3. The commission shall require that the former or suspended gaming

licensee purchase liability insurance, in an amount determined by the

commission, to protect a conservator from liability for any acts or

omissions of the conservator during the conservator's appointment which

are reasonably related to and within the scope of the conservator's

duties.

4. During the period of temporary management of the gaming facility,

the commission shall initiate proceedings under this article to award a

new gaming facility license to a qualified applicant whose gaming

facility shall be located at the site of the preexisting gaming

facility.

5. An applicant for a new gaming facility license shall be qualified

for licensure under this article; provided, however, that the commission

shall determine an appropriate level of investment by an applicant into

the preexisting gaming facility.

6. Upon award of a new gaming facility license, the new gaming

facility licensee shall pay the original licensing fee required under

this article.