(1) The Arkansas Racing Commission shall have full, complete, and sole power and authority to promulgate rules and orders and prescribe conditions under which greyhound racing shall be conducted by a franchise holder, but the power and authority so granted shall be exercised by the commission in a reasonable manner. The holder of any franchise, or any taxpayer, shall have redress to the Pulaski County Circuit Court for any wrong committed by the commission in the exercise of the power and authority granted pursuant to this section.
(2) The commission shall have no right or power to determine who shall be officers or employees of any franchise holder.
(3) However, the commission may by rule require that all officers and employees, or agents, of the franchise holder who are in charge of, or whose duties relate directly to, the running of races, and the handling of any funds which may be wagered on any race, be approved by the commission.
(4) The commission may compel the discharge of any official, employee, or agent of the franchise holder who fails or refuses to comply with the rules or orders of the commission or who, in the opinion of the commission, is guilty of fraud or dishonesty.