§ 402. Incorporation. Any number of persons, not less than five, may\nbecome a corporation for the purpose of conducting quarter horse race\nmeetings at which pari-mutuel betting will be conducted, with all the\ngeneral powers of corporations created under the laws of this state, by\nmaking, signing, acknowledging and filing a certificate which shall\ncontain:\n 1. The name of the proposed corporation.\n 2. The objects for which it is to be formed and the location at which\nit is proposed to conduct its business.\n 3. The amount and description of the capital stock.\n 4. The location of its principal business office.\n 5. Its duration, which shall not exceed fifty years.\n 6. The number of its directors, not less than five nor more than\nthirteen.\n 7. The names and post office ad
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§ 402. Incorporation. Any number of persons, not less than five, may\nbecome a corporation for the purpose of conducting quarter horse race\nmeetings at which pari-mutuel betting will be conducted, with all the\ngeneral powers of corporations created under the laws of this state, by\nmaking, signing, acknowledging and filing a certificate which shall\ncontain:\n 1. The name of the proposed corporation.\n 2. The objects for which it is to be formed and the location at which\nit is proposed to conduct its business.\n 3. The amount and description of the capital stock.\n 4. The location of its principal business office.\n 5. Its duration, which shall not exceed fifty years.\n 6. The number of its directors, not less than five nor more than\nthirteen.\n 7. The names and post office addresses of the directors for the first\nyear.\n 8. 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.\n No certificate of incorporation under this section shall hereafter be\nfiled without the approval of the commission indorsed thereon or annexed\nthereto.\n No corporation organized pursuant to this article or operating a\nquarter horse race meet pursuant to the provisions of section four\nhundred four of this chapter, shall have or be given the right or power\nto conduct any quarter horse race meet pursuant to this article except\nat the location designated in its certificate of incorporation as the\nplace at which it was proposed to conduct its business; provided,\nhowever, that this restriction shall not apply to any such corporation\nor association whose racing plant or the usefulness thereof or of any\nmaterial part thereof, in the discretion of the board shall, for any\nreason beyond the control of such corporation or association, be totally\ndestroyed or so substantially interfered with or damaged as to render\nsame unfit for continued operation. Pending the rebuilding or\nrestoration of its usefulness or the making of the required repairs to\nsaid plant or the part thereof so destroyed or damaged, the board may\nlicense such corporation or association to conduct its quarter horse\nrace meetings at any other suitable location.\n