N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 302: Incorporation

§ 302. Incorporation. Any number of persons, not less than five, may

become a corporation for the purpose of conducting harness horse race

meetings at which pari-mutuel betting will be conducted, with all the

general powers of corporations created under the laws of this state, by

making, signing, acknowledging and filing a certificate that shall

contain the:

1. name of the proposed corporation;

2. objects for which the corporation is to be formed and the location

at which it is proposed to conduct its business;

3. amount and description of the capital stock;

4. location of the corporation's principal business office;

5. duration of the corporation;

6. number of the corporation's directors, not less than five nor more

than thirteen;

7. names and post office addresses of the directors for the first

year; and

8. post office addresses of the subscribers and a statement of the

number of shares of stock that each agrees to take in the corporation.

No certificate of incorporation under this section shall hereafter be

filed without the approval of the commission indorsed thereon or annexed

thereto.

No corporation organized pursuant to this article or operating a

harness horse race meet pursuant to the provisions of section three

hundred four of this article, shall have or be given the right or power

to conduct any harness horse race meet pursuant to this article except

at the location designated in its certificate of incorporation as the

place at which it was proposed to conduct its business, or at the place

or places where it is presently licensed to conduct a harness horse race

meet or meetings by the commission; provided, however, that this

restriction shall not apply to any such corporation or association whose

racing plant or the usefulness thereof or of any material part thereof,

in the discretion of the commission, shall, for any reason beyond the

control of such corporation or association, be totally destroyed or so

substantially interfered with or damaged as to render same unfit for

continued operation. Pending the rebuilding, or restoration of its

usefulness or the making of the required repairs to said plant or the

part thereof so destroyed or damaged, the commission may license such

corporation or association to conduct its harness horse race meetings at

any other suitable location.