New York Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - REGIONAL OFF-TRACK BETTING CORPORATIONS

• 501 - Definitions.
  As used in this article, the following terms shall mean and include: 1. "State board." The state racing and wagering board. 2. "Board of directors."...
• 502 - Establishment of Regional Off-Track Betting Corporations.
  1. A regional off-track betting corporation is hereby established for each region, except the New York city region for which the New York city off-track...
• 503 - Powers of Regional Corporations.
  Subject to the general and specific limitations of sections two hundred twenty-two through seven hundred five of this chapter and the authority of the state...
• 503-a - Additional Powers of the Regional Off-Track Betting Corporations.
  1. In addition to the powers enumerated in section five hundred three of this article, financially insolvent regional off-track betting corporations, as determined by the...
• 504 - Policing Off-Track Betting.
  1. For the purpose of preserving order and preventing offenses against the laws prohibiting gambling and the rules and regulations promulgated pursuant to sections two...
• 505 - Acquisition or Leasing of Property.
  1. A participating county may, in accordance with the provisions of law governing the acquisition or leasing of real property by such county, acquire real...
• 506 - Loans and Contributions by a Participating County to a Corporation.
  1. A participating county shall have power to loan or contract to loan money to a corporation in such amounts, upon such terms and conditions...
• 507 - Contracts of Corporations.
  1. Each corporation shall let contracts for construction or any other work, including the furnishing of materials or supplies incident thereto, and contracts for the...
• 508 - Issuance of Bonds and Notes by a Corporation.
  1. Each corporation shall have the power and is hereby authorized, from time to time, to issue negotiable bonds and notes in such aggregate principal...
• 509 - Reserve Fund.
  1. The corporation shall create and establish a special fund (herein referred to as the capital reserve fund), and shall pay into such capital reserve...
• 509-a - Capital Acquisition Fund.
  The corporation may create and establish a capital acquisition fund for the purpose of financing the acquisition, construction or equipping of offices, facilities or premises...
• 510 - State and Participating Counties Not Liable on Bonds and Notes.
  The bonds, notes or other obligations of a corporation shall not be a debt of either the state of New York or of any participating...
• 511 - State's Right to Require Redemption of Bonds.
  Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds,...
• 512 - Remedies of Holders of Bonds and Notes.
  1. In the event that a corporation shall default in the payment of the principal of or interest on any issue of bonds or notes...
• 513 - Exemption From Taxation.
  1. The moneys and property of each corporation and any property under its jurisdiction, control or supervision, and all of its activities and operations shall...
• 514 - Notice of Claim; Action Against Corporation.
  1. In every action against a corporation for damages, for injuries to real or personal property, or for the destruction thereof, or for personal injuries,...
• 515 - Bonds and Notes As Legal Investments.
  The bonds and notes of a corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 516 - Moneys of Corporations; Disposition of Net Revenues.
  1. The monetary transactions of the corporation and the keeping of its books and accounts shall be under the supervision of the board of directors...
• 517 - Annual Reports.
  In addition to the reports required by article five-a of this chapter, within one hundred twenty days after the end of the fiscal year of...

Last modified: February 3, 2019