§ 501. Definitions. As used in this article, in addition to the definitions set forth in section one hundred one of this chapter, the following terms shall mean and include: 1. “Board of directors.” The board of directors of a corporation as such board is constituted pursuant to section five hundred two of this article. […]
§ 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 betting corporation established pursuant to and subject to article six of this chapter shall constitute the regional corporation and such article six […]
* § 502-a. Special provisions with regard to the western regional off-track betting corporation. 1. Notwithstanding any inconsistent provision of this article, on the effective date of this section the appointments of all members of the western regional off-track betting corporation appointed prior to the effective date of this section are deemed terminated, and each […]
§ 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 commission pursuant to articles one and five-a of this chapter, each corporation shall have power: 1. To sue and be sued; 2. To have a […]
§ 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 commission upon review of certified financial statements, are hereby authorized and may file any petition with any United States district […]
§ 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 hundred twenty-two through seven hundred five of this chapter, the officers or directors of each corporation subject to the provisions of this article are hereby […]
§ 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 property in the name of such county by purchase or condemnation for use by the corporation, or lease real property from other owners […]
§ 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 and for such period or periods of time as in the judgment of the county are necessary or […]
§ 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 purchase or procurement of equipment, materials or supplies: (i) in the manner provided by law with respect to the letting of such contracts by counties […]
§ 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 amounts as shall, in the opinion of the corporation, be necessary together with such other moneys or funds as may […]
§ 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 fund: a. Any moneys appropriated and made available by participating counties for the purpose of such capital reserve fund; b. Any proceeds of sale of bonds […]
§ 509-a. Capital acquisition fund. 1. 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 of the corporation. Such capital acquisition fund shall consist of (i) the amounts specified pursuant to subdivision three-a of section five hundred thirty-two of […]
§ 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 county and neither the state nor any county shall be liable thereon, nor shall they be payable out […]
§ 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, the state may, upon furnishing sufficient funds therefor, require a corporation to redeem, prior to maturity, as a whole, any issue […]
§ 512. Remedies of holders of bonds and notes. 1. In the event that a corporation defaults in the payment of the principal of or interest on any issue of bonds or notes after the same becomes due, whether at maturity or upon call for redemption, and such default continues for a period of thirty […]
§ 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 be exempt from taxation. Provided, however, no exemption is granted from the taxes imposed under article five-a of this chapter and no exemption is granted […]
§ 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, the complaint shall contain an allegation that at least thirty days have elapsed since notice of claim was presented to the corporation […]
§ 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 municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks […]
§ 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 who shall be subject to the general and specific jurisdiction of the state board and to audit by the comptroller. 2. […]
§ 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 the corporation, the directors thereof shall submit to the participating counties, the commission, and the state comptroller a complete and detailed audited report setting forth: 1. […]
