{"data":{"id":"us-ky/krs-230.230","jurisdiction":"us-ky","citation":"KRS 230.230","heading":"President -- Appointment -- Duties -- Compensation -- Ethics.","body":"(1) The Governor shall appoint a president, who shall act as chief executive officer of\nthe corporation, from a list of up to three (3) names provided by the board of\ndirectors of the corporation. The president may be removed by the board of\ndirectors. The president shall have the powers and duties described in this section\nand other duties directed or prescribed by the corporation.\n(2) The president shall be compensated at a level determined by the board.\n(3) The president shall have proven successful experience for a period of at least five\n(5) years at the management level in horse racing or gaming.\n(4) The president shall conduct the day -to-day operations of the corporation  for the\npurpose of carrying out the policies and procedures of this chapter and the board.\nThe duties of the president include but are not limited to:\n(a) Administering and supervising all operations of the corporation in accordance\nwith the direction of the board and administrative regulations promulgated by\nthe corporation;\n(b) 1. Preparing, submitting, and recommending to the board a proposed\nannual budget of the corporation covering the operations of the\ncorporation and, upon approval, submitting the b udget, financial status,\nand actuarial condition of the corporation to the Governor and the\nGeneral Assembly for their examination; and\n2. With the approval of the board, amending or modifying the budget at\nany time in any manner deemed necessary for the p roper operation of\nthe corporation;\n(c) Directing and controlling all expenditures of the approved budget;\n(d) Recommending to the board and administering a system of personnel\nadministration that includes benefits, grievance procedures, training, and\ncompensation;\n(e) Preparing and administering fiscal, payroll, accounting, data processing, and\nprocurement procedures for the operation of the corporation;\n(f) Recommending to the board bylaws and uniform procedures for the\nmanagement of the corporation;\n(g) Within the limitations of the budget, employing necessary personnel in\naccordance with the personnel policies of the board;\n(h) Maintaining appropriate levels of property, casualty, and liability insurance as\napproved by the board to protect the president, managers, employees, and\nassets of the corporation;\n(i) Attending meetings of the board or appointing a design ee to attend on his or\nher behalf;\n(j) Preparing annual reports of the corporation's program of work; and\n(k) Performing all other duties and responsibilities required by law.\n(5) (a) The president may hire a chief operating officer for the corporation.\n(b) The president shall hire a chief financial officer for the corporation, who shall:\n1. Have a bachelor's degree in business, accounting, finance, or other\nrelevant field;\n2. Have at least ten (10) years of experience working in finance and\naccounting, with at least five (5) years in senior level management;\n3. Possess comprehensive knowledge of the principles and practices of\ncorporate finance; and\n4. Possess the qualifications of an expert in the fields of corporate finance,\nauditing, general finance, gaming, or economics.\n(6) The president shall give an official bond in an amount and with sureties approved\nby the board. The premium for the bond shall be paid by the corporation.\n(7) Following the president's appointment, and during his or her entire term o f office,\nthe president shall reside in Kentucky.\n(8) The president and the board may conduct an ongoing study of the operation and\nadministration of racing and gaming in other states or countries, of available\nliterature on the subject, of federal laws an d regulations which may affect the\noperation of the corporation, and of the reaction of citizens of this state to existing\nor proposed racing and gaming, with a view toward implementing improvements\nthat will tend to serve the purposes of this chapter and,  on and after July 1, 2025,\nKRS Chapter 238.\n(9) The president may:\n(a) Require bond from corporate employees with access to corporate funds or\nracing or gaming funds, in an amount promulgated in the administrative\nregulations of the corporation. The presi dent may also require bond from\nother employees; and\n(b) For good cause, suspend, revoke, or refuse to renew any contract entered into\nin accordance with:\n1. This chapter;\n2. On and after July 1, 2025, KRS Chapter 238; or\n3. The administrative regulations of the corporation.\n(10) The president shall be subject to all applicable provisions of KRS Chapter 11A,\nexcept that this chapter shall control if and to the extent that any provision in this\nchapter is expressly inconsistent with any provision of KRS Chapter 11A.","path":["KRS Chapter 230"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56616","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:46Z","sha256":"4284da9a20ab78cd30c1a60c08767fc8fe1c27b38e12cdc0e156839b29d44ae8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-230.227","next":"us-ky/krs-230.232"},"notice":"GroundRules: Original legal text. Not legal advice."}