§ 210-a. Relinquishment of franchise. 1. No franchised corporation
shall relinquish a franchise granted to it pursuant to section two
hundred six of this article at any time within the term of any such
franchise without giving separate written notification of its intention
to effect relinquishment by certified mail return receipt requested to
the franchise oversight board and the commission not less than one
hundred eighty days prior to the date such franchised corporation
proposes to be the effective date of relinquishment.

2. Such a franchised corporation shall not present a certificate of
dissolution of its corporate existence under article ten of the
not-for-profit corporation law to the department of state with the
consent required by law attached thereto for a period of at least one
hundred eighty days following the date that the association elected to
dissolve its corporate status in the manner authorized by the provisions
of such article.

3. Such a franchised corporation also shall not present a petition for
judicial dissolution of its corporate existence to a court pursuant to
the provisions of article eleven of the not-for-profit corporation law
for a period of at least one hundred eighty days following the date that
action was completed under section eleven hundred two of the
not-for-profit corporation law authorizing the presentation of such
petition and the franchised corporation agrees to name the franchise
oversight board in the petition for the purpose of enabling the
franchise oversight board to receive a copy of any order to show cause
made by a court under the provisions of section eleven hundred four of
the not-for-profit corporation law.

4. If the franchised corporation voluntarily relinquishes its
franchise prior to expiration, or voluntarily declines to continue
conducting race meetings and pari-mutuel betting on the races run at
such race meetings as required by its franchises unless such declination
is the result of strikes, acts of God, or other unavoidable causes not
under the control of such franchised corporation, or voluntarily affects
corporate dissolution in the manner provided for by article ten or
eleven of the not-for-profit corporation law and other applicable
provisions of law, or if such franchise is revoked by the board, then,
notwithstanding any other provision of law to the contrary, the
franchised corporation shall transfer to the franchise oversight board
at the time of such relinquishment, declination, revocation or
dissolution all right, title and interest held by such franchised
corporation in all such facilities and associated assets, and all
capital improvements made to the real property and such facilities.