N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 415: Bond required of corporation or association conducting pari-mutuel betting

§ 415. Bond required of corporation or association conducting

pari-mutuel betting. Every corporation or association licensed by the

commission to conduct quarter horse race meetings at which pari-mutuel

betting shall be permitted, annually and before the opening of any race

meeting shall execute and file with the state comptroller a bond to this

state in a penalty to be fixed by the department of taxation and finance

not exceeding two hundred fifty thousand dollars, with sureties approved

by the attorney general, that it will keep its books and records and

make reports as required by sections two hundred twenty-two through

seven hundred five of this chapter, that it will pay to the state all

taxes imposed by sections two hundred twenty-two through seven hundred

five of this chapter, that it will distribute to the patrons of

pari-mutuel pools conducted by it all sums due upon presentation of

winning tickets held by them, and that it will otherwise comply with all

of the provisions of sections two hundred twenty-two through seven

hundred five of this chapter and with the rules and regulations

prescribed by the commission and the department of taxation and finance.