§ 201 — Incorporation

§ 201. Incorporation. (a) General requirements. Any number of persons\nmay become a corporation for the purpose of conducting racing at one or\nmore thoroughbred racetracks, conducting pari-mutuel wagering and\nfurthering the raising and breeding and improving the breed of horses,\nwith all the general powers of corporations created under the laws of\nthis state, by making, signing, acknowledging and filing a certificate\nwhich shall contain:\n 1. The name of the proposed corporation.\n 2. The objects for which it is to be formed, including a statement as\nto whether it is proposed to exercise the particular powers conferred by\nsection two hundred three of this article, and specifying whether it is\nproposed to conduct running or steeplechase race meetings.\n 3. The amount and description of the capital stock, if applicable.\n 4. The number of shares of which the capital stock, if applicable,\nshall consist, each of which shall not be less than five nor more than\none hundred dollars.\n 5. The location of its principal business office.\n 6. Its duration, which shall be for a franchised corporation,\ncoterminous with the term of the franchise.\n 7. The number of its directors.\n 8. The names and post-office addresses of the directors or\nincorporators, as applicable, for the first year.\n 9. The post-office addresses of the subscribers and a statement of the\nnumber of shares of stock which each agrees to take in the corporation,\nif applicable.\n 10. The name of the county in which it proposes to conduct running or\nsteeplechase race meetings.\n (b) Approval. No certificate of incorporation under this section\nwherein the right to conduct running or steeplechase race meetings is\nclaimed, shall hereafter be filed without the approval of the\ncommission, indorsed thereon or annexed thereto, stating that, in its\nopinion, the purposes of this article and the public interest will be\npromoted by such incorporation, and that such incorporation will be\nconducive to the interests of legitimate racing; nor shall any\ncertificate amending the said certificate of incorporation in any\nparticular or any certificate of merger affecting said corporation be\nfiled without the approval of the commission, indorsed thereon or\nannexed thereto stating that, in its opinion, the purposes of this\narticle and the public interest will be promoted by such amendment or by\nsuch merger and that such amendment or such merger will be conducive to\nthe interests of legitimate racing.\n