N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 210-a: Relinquishment of franchise

§ 210-a. Relinquishment of franchise. 1. No franchised corporation

shall relinquish a franchise granted to it pursuant to section two

hundred six of this article at any time within the term of any such

franchise without giving separate written notification of its intention

to effect relinquishment by certified mail return receipt requested to

the franchise oversight board and the commission not less than one

hundred eighty days prior to the date such franchised corporation

proposes to be the effective date of relinquishment.

2. Such a franchised corporation shall not present a certificate of

dissolution of its corporate existence under article ten of the

not-for-profit corporation law to the department of state with the

consent required by law attached thereto for a period of at least one

hundred eighty days following the date that the association elected to

dissolve its corporate status in the manner authorized by the provisions

of such article.

3. Such a franchised corporation also shall not present a petition for

judicial dissolution of its corporate existence to a court pursuant to

the provisions of article eleven of the not-for-profit corporation law

for a period of at least one hundred eighty days following the date that

action was completed under section eleven hundred two of the

not-for-profit corporation law authorizing the presentation of such

petition and the franchised corporation agrees to name the franchise

oversight board in the petition for the purpose of enabling the

franchise oversight board to receive a copy of any order to show cause

made by a court under the provisions of section eleven hundred four of

the not-for-profit corporation law.

4. If the franchised corporation voluntarily relinquishes its

franchise prior to expiration, or voluntarily declines to continue

conducting race meetings and pari-mutuel betting on the races run at

such race meetings as required by its franchises unless such declination

is the result of strikes, acts of God, or other unavoidable causes not

under the control of such franchised corporation, or voluntarily affects

corporate dissolution in the manner provided for by article ten or

eleven of the not-for-profit corporation law and other applicable

provisions of law, or if such franchise is revoked by the board, then,

notwithstanding any other provision of law to the contrary, the

franchised corporation shall transfer to the franchise oversight board

at the time of such relinquishment, declination, revocation or

dissolution all right, title and interest held by such franchised

corporation in all such facilities and associated assets, and all

capital improvements made to the real property and such facilities.