§ 404. Right to hold quarter horse race meetings and races. Any
corporation formed under the provisions of the pari-mutuel revenue law,
and any corporation and association that shall have conducted quarter
horse race meetings during two years prior to the enactment of the
pari-mutuel revenue law, and any town or county fair association or
other fair association shall have the power and the right to hold one or
more quarter horse race meetings in each year and to hold, maintain and
conduct quarter horse races at such meetings. At such quarter horse race
meetings the corporation or association, 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. Such power and right,
however, shall not include the right to conduct pari-mutuel betting at
such quarter horse race meetings except pursuant to license granted by
the commission pursuant to sections two hundred twenty-two through seven
hundred five of this chapter.