§ 203. Right to hold race meetings and races. Any corporation formed
under the provisions of this article, if so claimed in its certificate
of organization, and if it shall comply with all the provisions of this
article, and any other corporation entitled to the benefits and
privileges of this article as hereinafter provided, shall have the power
and the right to hold one or more running race meetings in each year,
and to hold, maintain and conduct running races at such meetings. At
such running race meetings the corporation, or the owners of horses
engaged in such races, or others who are not participants in the race,
may contribute purses, prizes, premiums or stakes to be contested for,
but no person or persons other than the owner or owners of a horse or
horses contesting in a race shall have any pecuniary interest in a
purse, prize, premium or stake contested for in such race, or be
entitled to or receive any portion thereof after such race is finished,
and the whole of such purse, prize, premium or stake shall be allotted
in accordance with the terms and conditions of such race. Races
conducted by a franchised corporation shall be permitted only between
sunrise and sunset. A track first licensed after January first, nineteen
hundred ninety, shall not conduct the simulcasting of thoroughbred races
within district one, in accordance with article ten of this chapter on
days that a franchised corporation is not conducting a race meeting. In
no event shall thoroughbred races conducted by a track first licensed
after January first, nineteen hundred ninety be conducted after eight
o'clock post meridian.