Legislation
SECTION 402
Incorporation
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 4
§ 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.
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.