§ 204 — Certificate of payment of stock

§ 204. Certificate of payment of stock. Except as provided in this\narticle, no business corporation hereafter organized under this article\nor heretofore organized in pursuance of law for any purpose authorized\nby this article, shall have any of the powers conferred by section two\nhundred three of this article until such corporation shall have filed in\nthe office or offices where its certificate of incorporation was filed,\na further certificate stating that its capital stock has been fully paid\nin cash, and if claiming the right to conduct running race meetings,\nthat, except as may be authorized by the commission, it actually\nmaintains a racetrack of not less than five-eighths of one mile in\nlength or circumference, the location of which shall be specified in\nsuch certificate. Such certificate shall be executed and acknowledged by\nsuch corporation's president or vice-president and such corporation's\ntreasurer or secretary, and verified by them to the effect that the\nstatements contained in such certificate are true. In the case of racing\ncourses to be used for running races or steeplechases, a license from\nthe commission must also be obtained in the manner hereinafter provided,\nand such license be filed with such certificate.\n