§ 233 — Bond required of corporation conducting pari-mutuel betting

New York § 233

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 2: Thoroughbred Racing and Breeding

Text

§ 233. Bond required of corporation conducting pari-mutuel betting. 1.\nEvery corporation franchised or licensed by the commission to conduct\npari-mutuel betting, annually and before the opening of any race\nmeeting, shall execute and file with the state comptroller, a bond to\nthe state in a penalty to be fixed by the commissioner of taxation and\nfinance not exceeding five hundred thousand dollars, with sureties\napproved by the attorney general, that it will keep its books and\nrecords and make reports as required by this chapter, that it will pay\nto the state all taxes imposed by this chapter, that it will distribute\nto the patrons of pari-mutuel pools conducted by it all sums due upon\npresentation of winning tickets held by them, and that it will otherwise\ncomply with all the provisions of this chapter in relation to the\nconduct of races and of pari-mutuel betting on its racetrack.\n 2. In addition hereto, every such corporation first licensed or\nfranchised after January first, nineteen hundred eighty-six, annually\nand before the opening of any race meeting shall execute and file with\nthe state comptroller, a bond to the state in a penalty to be fixed by\nthe commission not exceeding five hundred thousand dollars, with\nsureties approved by the attorney general, that such corporation will\nmake all purse payments advertised and offered as premiums, prizes or\nawards to owners of horses competing in races at such track within one\nweek of such race, or, if such payment is ordered held by the commission\npending investigation by it of any race, into a trust account pending\ncompletion of such investigation.\n