N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 402: Incorporation

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

become a corporation for the purpose of conducting quarter 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 which shall

contain:

1. The name of the proposed corporation.

2. The objects for which it is to be formed and the location at which

it is proposed to conduct its business.

3. The amount and description of the capital stock.

4. The location of its principal business office.

5. Its duration, which shall not exceed fifty years.

6. The number of its directors, not less than five nor more than

thirteen.

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

year.

8. 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.

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

quarter horse race meet pursuant to the provisions of section four

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

to conduct any quarter 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; 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 board 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 board may

license such corporation or association to conduct its quarter horse

race meetings at any other suitable location.