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This entry was published on 2020-10-16
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SECTION 201
Incorporation
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 2
§ 201. Incorporation. (a) General requirements. Any number of persons
may become a corporation for the purpose of conducting racing at one or
more thoroughbred racetracks, conducting pari-mutuel wagering and
furthering the raising and breeding and improving the breed of horses,
with all the general powers of corporations created under the laws of
this state, by making, signing, acknowledging and filing a certificate
which shall contain:

1. The name of the proposed corporation.

2. The objects for which it is to be formed, including a statement as
to whether it is proposed to exercise the particular powers conferred by
section two hundred three of this article, and specifying whether it is
proposed to conduct running or steeplechase race meetings.

3. The amount and description of the capital stock, if applicable.

4. The number of shares of which the capital stock, if applicable,
shall consist, each of which shall not be less than five nor more than
one hundred dollars.

5. The location of its principal business office.

6. Its duration, which shall be for a franchised corporation,
coterminous with the term of the franchise.

7. The number of its directors.

8. The names and post-office addresses of the directors or
incorporators, as applicable, for the first year.

9. The post-office addresses of the subscribers and a statement of the
number of shares of stock which each agrees to take in the corporation,
if applicable.

10. The name of the county in which it proposes to conduct running or
steeplechase race meetings.

(b) Approval. No certificate of incorporation under this section
wherein the right to conduct running or steeplechase race meetings is
claimed, shall hereafter be filed without the approval of the
commission, indorsed thereon or annexed thereto, stating that, in its
opinion, the purposes of this article and the public interest will be
promoted by such incorporation, and that such incorporation will be
conducive to the interests of legitimate racing; nor shall any
certificate amending the said certificate of incorporation in any
particular or any certificate of merger affecting said corporation be
filed without the approval of the commission, indorsed thereon or
annexed thereto stating that, in its opinion, the purposes of this
article and the public interest will be promoted by such amendment or by
such merger and that such amendment or such merger will be conducive to
the interests of legitimate racing.