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This entry was published on 2020-10-16
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Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 3
§ 302. Incorporation. Any number of persons, not less than five, may
become a corporation for the purpose of conducting harness horse race
meetings at which pari-mutuel betting will be conducted, with all the
general powers of corporations created under the laws of this state, by
making, signing, acknowledging and filing a certificate that shall
contain the:

1. name of the proposed corporation;

2. objects for which the corporation is to be formed and the location
at which it is proposed to conduct its business;

3. amount and description of the capital stock;

4. location of the corporation's principal business office;

5. duration of the corporation;

6. number of the corporation's directors, not less than five nor more
than thirteen;

7. names and post office addresses of the directors for the first
year; and

8. post office addresses of the subscribers and a statement of the
number of shares of stock that each agrees to take in the corporation.

No certificate of incorporation under this section shall hereafter be
filed without the approval of the commission indorsed thereon or annexed

No corporation organized pursuant to this article or operating a
harness horse race meet pursuant to the provisions of section three
hundred four of this article, shall have or be given the right or power
to conduct any harness horse race meet pursuant to this article except
at the location designated in its certificate of incorporation as the
place at which it was proposed to conduct its business, or at the place
or places where it is presently licensed to conduct a harness horse race
meet or meetings by the commission; provided, however, that this
restriction shall not apply to any such corporation or association whose
racing plant or the usefulness thereof or of any material part thereof,
in the discretion of the commission, shall, for any reason beyond the
control of such corporation or association, be totally destroyed or so
substantially interfered with or damaged as to render same unfit for
continued operation. Pending the rebuilding, or restoration of its
usefulness or the making of the required repairs to said plant or the
part thereof so destroyed or damaged, the commission may license such
corporation or association to conduct its harness horse race meetings at
any other suitable location.