§ 210-a. Relinquishment of franchise.
1.No franchised corporation\nshall relinquish a franchise granted to it pursuant to section two\nhundred six of this article at any time within the term of any such\nfranchise without giving separate written notification of its intention\nto effect relinquishment by certified mail return receipt requested to\nthe franchise oversight board and the commission not less than one\nhundred eighty days prior to the date such franchised corporation\nproposes to be the effective date of relinquishment.\n 2. Such a franchised corporation shall not present a certificate of\ndissolution of its corporate existence under article ten of the\nnot-for-profit corporation law to the department of state with the\nconsent required by law attached thereto for a period o
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§ 210-a. Relinquishment of franchise. 1. No franchised corporation\nshall relinquish a franchise granted to it pursuant to section two\nhundred six of this article at any time within the term of any such\nfranchise without giving separate written notification of its intention\nto effect relinquishment by certified mail return receipt requested to\nthe franchise oversight board and the commission not less than one\nhundred eighty days prior to the date such franchised corporation\nproposes to be the effective date of relinquishment.\n 2. Such a franchised corporation shall not present a certificate of\ndissolution of its corporate existence under article ten of the\nnot-for-profit corporation law to the department of state with the\nconsent required by law attached thereto for a period of at least one\nhundred eighty days following the date that the association elected to\ndissolve its corporate status in the manner authorized by the provisions\nof such article.\n 3. Such a franchised corporation also shall not present a petition for\njudicial dissolution of its corporate existence to a court pursuant to\nthe provisions of article eleven of the not-for-profit corporation law\nfor a period of at least one hundred eighty days following the date that\naction was completed under section eleven hundred two of the\nnot-for-profit corporation law authorizing the presentation of such\npetition and the franchised corporation agrees to name the franchise\noversight board in the petition for the purpose of enabling the\nfranchise oversight board to receive a copy of any order to show cause\nmade by a court under the provisions of section eleven hundred four of\nthe not-for-profit corporation law.\n 4. If the franchised corporation voluntarily relinquishes its\nfranchise prior to expiration, or voluntarily declines to continue\nconducting race meetings and pari-mutuel betting on the races run at\nsuch race meetings as required by its franchises unless such declination\nis the result of strikes, acts of God, or other unavoidable causes not\nunder the control of such franchised corporation, or voluntarily affects\ncorporate dissolution in the manner provided for by article ten or\neleven of the not-for-profit corporation law and other applicable\nprovisions of law, or if such franchise is revoked by the board, then,\nnotwithstanding any other provision of law to the contrary, the\nfranchised corporation shall transfer to the franchise oversight board\nat the time of such relinquishment, declination, revocation or\ndissolution all right, title and interest held by such franchised\ncorporation in all such facilities and associated assets, and all\ncapital improvements made to the real property and such facilities.\n