§ 516 — Moneys of corporations; disposition of net revenues

§ 516. Moneys of corporations; disposition of net revenues. 1. The\nmonetary transactions of the corporation and the keeping of its books\nand accounts shall be under the supervision of the board of directors\nwho shall be subject to the general and specific jurisdiction of the\nstate board and to audit by the comptroller.\n 2. After payment of all of the costs of the corporation's functions,\nnet revenue remaining to the corporation shall be divided among the\nparticipating counties in accordance with the following provisions:\n a. Fifty percent of such revenue distributed among the participating\ncounties on the basis of the proportion of the total off-track\npari-mutuel wagering accepted by the corporation during the previous\nperiod that originated in the branch offices located in each\nparticipating county;\n b. Fifty percent of such revenue on the basis of population, as\ndefined as the total population in each participating county shown by\nthe latest preceding decennial federal census completed and published as\na final population count by the United States bureau of the census\npreceding the commencement of the calendar year in which such\ndistribution is to be made; and\n c. A participating county containing a city electing to participate in\nthe management and revenues of a corporation under subdivision two of\nsection five hundred two of this article shall distribute revenue\nreceived under paragraphs a and b of this subdivision to such city\naccording to the proportion such city's population bears to the county's\npopulation.\n 2-a. The net revenue remaining to the corporation shall be distributed\nquarterly, not more than thirty days after the close of the calendar\nquarter, unless, each off-track betting corporation's board shall\ndetermine once annually, that such net revenue remaining to the\ncorporation shall be distributed to participating counties and cities on\nan annual, or bi-annual basis, to be distributed not more than thirty\ndays after the close of the calendar year, or the close of the bi-annual\nyear (January-June and July-December). No such determination shall be\nmade prior to the board's receipt of an annual written approval, to such\nspecified annual, or bi-annual payment schedule, between each off-track\nbetting corporation and the governing bodies of each participating\ncounties and cities within such applicable region.\n 3. The comptroller and his legally authorized representative are\nauthorized to and shall from time to time but at least once annually,\nexamine the accounts and books of the corporation, including its\nreceipts, disbursements, contracts, leases, sinking funds, investments\nand any other records and papers relating to its financial standing.\n 4. The corporation shall have power, notwithstanding the provisions of\nthis section, to contract with the holders of any of its bonds as to the\ncustody, collection, securing, investment and payment of any moneys of\nthe corporation or any moneys held in trust or otherwise for the payment\nof bonds in any way to secure bonds, and to carry out any such contract\nnotwithstanding that such contract may be inconsistent with the previous\nprovisions of this section.\n 5. Moneys held in trust or otherwise for the payment of bonds or in\nany way to secure bonds and deposits of such moneys may be secured in\nthe same manner as moneys of the corporation, and all banks and trust\ncompanies are authorized to give such security for such deposits.\n