N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 431: New York state quarter horse breeding and development fund

§ 431. New York state quarter horse breeding and development fund. 1.

A corporation to be known as the "New York state quarter horse breeding

and development fund corporation" is hereby created. Such corporation

shall be a body corporate and politic constituting a public benefit

corporation, the objective of which shall be to encourage the breeding

of quarter horses and the development of the quarter horse industry in

this state. It shall be administered by a board of directors consisting

of the chair of the commission or his or her designee, who shall be

chair of the board of directors of the corporation, the commissioner of

agriculture and markets, and the members of the commission.

2. The powers of the fund shall be vested in and exercised by the

board at a meeting held at a time fixed by any by-laws adopted by the

board or at any duly adjourned meeting of such board or at any meeting

held upon reasonable notice to all of the directors, and a majority of

the whole number of directors shall constitute a quorum; provided that

neither the business nor the powers of the fund shall be transacted or

exercised except pursuant to a favorable vote of at least a majority of

the directors present at a meeting at which a quorum is in attendance.

3. The commission may delegate to one or more of the directors or

officers of the fund such powers and duties as it may deem proper and

shall use, pursuant to a contract approved by the director of the

budget, the service employees of the commission and the state office of

racing promotion and development.

4. The directors shall not be entitled to any compensation for their

services but shall be entitled to reimbursement for their actual and

necessary expenses incurred in the performance of their official duties.