N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 415
Bond required of corporation or association conducting pari-mutuel betting
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2021
As of January 1, 2015
§ 415. Bond required of corporation or association conducting\npari-mutuel betting. Every corporation or association licensed by the\nstate racing and wagering board to conduct quarter horse race meetings\nat which pari-mutuel betting shall be permitted, annually and before the\nopening of any race meeting shall execute and file with the state\ncomptroller a bond to this state in a penalty to be fixed by the state\ntax commission not exceeding two hundred fifty thousand dollars, with\nsureties approved by the attorney general, that it will keep its books\nand records and make reports as required by sections two hundred\ntwenty-two through seven hundred five of this chapter, that it will pay\nto the state all taxes imposed by sections two hundred twenty-two\nthrough seven hundred five of this chapter, that it will distribute to\nthe patrons of pari-mutuel pools conducted by it all sums due upon\npresentation of winning tickets held by them, and that it will otherwise\ncomply with all of the provisions of sections two hundred twenty-two\nthrough seven hundred five of this chapter and with the rules and\nregulations prescribed by the state racing and wagering board and the\nstate tax commission.\n
§ 415. Bond required of corporation or association conducting\npari-mutuel betting. Every corporation or association licensed by the\ncommission to conduct quarter horse race meetings at which pari-mutuel\nbetting shall be permitted, annually and before the opening of any race\nmeeting shall execute and file with the state comptroller a bond to this\nstate in a penalty to be fixed by the department of taxation and finance\nnot exceeding two hundred fifty thousand dollars, with sureties approved\nby the attorney general, that it will keep its books and records and\nmake reports as required by sections two hundred twenty-two through\nseven hundred five of this chapter, that it will pay to the state all\ntaxes imposed by sections two hundred twenty-two through seven hundred\nfive of this chapter, that it will distribute to the patrons of\npari-mutuel pools conducted by it all sums due upon presentation of\nwinning tickets held by them, and that it will otherwise comply with all\nof the provisions of sections two hundred twenty-two through seven\nhundred five of this chapter and with the rules and regulations\nprescribed by the commission and the department of taxation and finance.\n
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.