N.Y. Racing, Pari-Mutuel Wagering and Breeding Law Section 204
Certificate of payment of stock


Except as provided in this article, no business corporation hereafter organized under this article or heretofore organized in pursuance of law for any purpose authorized by this article, shall have any of the powers conferred by § 203 (Right to hold race meetings and races)section two hundred three of this article until such corporation shall have filed in the office or offices where its certificate of incorporation was filed, a further certificate stating that its capital stock has been fully paid in cash, and if claiming the right to conduct running race meetings, that, except as may be authorized by the commission, it actually maintains a racetrack of not less than five-eighths of one mile in length or circumference, the location of which shall be specified in such certificate. Such certificate shall be executed and acknowledged by such corporation’s president or vice-president and such corporation’s treasurer or secretary, and verified by them to the effect that the statements contained in such certificate are true. In the case of racing courses to be used for running races or steeplechases, a license from the commission must also be obtained in the manner hereinafter provided, and such license be filed with such certificate.

Source: Section 204 — Certificate of payment of stock, https://www.­nysenate.­gov/legislation/laws/PML/204 (updated Oct. 16, 2020; accessed Jul. 13, 2024).

201
Incorporation
202
Restriction upon commencement of business
202‑A
Liability of the directors of a franchised corporation
202‑B
No debt of the state
203
Right to hold race meetings and races
204
Certificate of payment of stock
205
License for running races and steeplechase meetings
206
Franchise for running races and steeplechase meetings
207
Board of directors of a franchised corporation
208
Conditions of franchise award
209
Examination of the books and accounts by the state comptroller
210
Franchise termination
210‑A
Relinquishment of franchise
211
Fair association, when entitled to privileges
212
Franchise oversight board
213
Project labor agreements
214
Acquisition of racing facilities
216
Disposition of racing facilities or certain assets
217
Revocation of licenses
218
Stewards at race meetings
219
Advertising or promotional material
220
Licenses for participants and employees at race meetings
220‑A
Corporations continued
221
New York Jockey Injury Compensation Fund, Inc
221‑A
Health insurance for jockeys
221‑B
Health insurance for trainers
222
Notice to be posted upon grounds
223
Special police officers
224
Penalty for unlawful racing and betting
225
Registration of race horses
226
Increased or additional entrance fees
228
Pension plans for backstretch employees
229
Backstretch employees drug and alcohol rehabilitation eligibility
230
Membership in a national thoroughbred racing association
231
Pari-mutuel betting on horse races legalized
232
License to conduct pari-mutuel betting at race meetings for running races or steeplechases
233
Bond required of corporation conducting pari-mutuel betting
234
Place and manner of conducting pari-mutuel betting
235
Rules for the conduct of pari-mutuel betting
236
Disposition of pari-mutuel pools
237
Capital improvements
238
Disposition of pari-mutuel pools of the franchised corporation
239
Books and records of pari-mutuel betting
240
Yearly audit
241
Disposition of unpaid money due on account of pari-mutuel tickets not presented
242
Races for horses bred in the state
243
Free or reduced fee passes, cards or badges
244
Revocation of license or franchise
245
Hearing on refusal or revocation of license or franchise
246
Approval of plans of corporation
247
Racing zones
248
Racing season
249
Pari-mutuel employees to be citizens and residents
250
Power of commission to impose penalties
251
Definitions
252
New York state thoroughbred breeding and development fund
253
Powers of the fund
254
Resources of fund
255
Annual audit
256
Annual report
257
Actions against fund

Accessed:
Jul. 13, 2024

Last modified:
Oct. 16, 2020

§ 204’s source at nysenate​.gov

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