NY Rac, Pari-Mut Wag & Breeding L § 206 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 2 - Thoroughbred Racing and Breeding 206 - Franchise for Running Races and Steeplechase Meetings.

§  206.  Franchise for running races and steeplechase meetings. 1. The   franchised  corporation  referred  to  in  this  chapter  shall   be   a   not-for-profit   corporation   to  be  known  as  The  New  York  Racing   Association,  Inc.  To  the  extent   that   the   provisions   of   the   not-for-profit  corporation  law  do not conflict with the provisions of   this article, the not-for-profit corporation  law  shall  apply  to  the   franchised  corporation and the franchised corporation shall be a type C   corporation pursuant  to  the  not-for-profit  corporation  law.  If  an   applicable  provision  of this article relates to a matter embraced in a   provision of the not-for-profit corporation law but is not  in  conflict   therewith, both provisions shall apply. The franchised corporation shall   perform its functions under a franchise agreement which, notwithstanding   the  provisions  of section one hundred twelve of the state finance law,   shall not be subject to the approval required by such section, and  such   other  agreements as may be necessary and appropriate and shall exercise   its powers through a board of directors established  under  section  two   hundred  seven  of  this  article.  The  franchise confers the right and   responsibility to manage and operate  all  functions  at  the  franchise   racetracks  including  but  not  limited  to  and subject to appropriate   racing  laws  and  regulations  the  hiring  and  management  of  racing   secretaries,  stewards,  race officials, backstretch employees and other   equine and racing related functions, establishing the purses, the stakes   program and owner's relations, maintenance of the  franchise  racetracks   and  associated  facilities, the selection of vendors for food, beverage   and  other  concessions  and  such  other  activities  approved  by  the   franchise   oversight   board.   The   franchised  corporation,  in  its   discretion, may permit utilization of the state racing  franchise  lands   for  business  purposes  unrelated to racing, provided however that upon   written notice from the franchise oversight board with  respect  to  any   such  activity,  the franchised corporation shall cease such utilization   within thirty days in order  to  allow  the  franchise  oversight  board   approved  development  or  alternative  uses  approved  by the franchise   oversight board. All franchise rights or  interests  in  assets  of  the   state  racing franchise including but not limited to leasehold interests   shall be  limited  to  the  term  of  the  franchise.  Upon  expiration,   termination  or  ending  of the franchise by any other means provided by   law, all franchise  rights  or  interest  granted  to  or  held  by  the   franchised corporation shall cease and revert to the state.Notwithstanding  any  provisions of law to the contrary the franchised   corporation shall not conduct, manage or otherwise operate video lottery   gaming activities on the lands of the state racing franchise.2. The franchised corporation shall, upon acceptance of the franchise,   franchise  agreements  and  all  enumerated  conditions,  be  granted  a   franchise  for  a  period  of not more than twenty-five years, ending no   later than December thirty-first, two thousand thirty-three.3. Upon  acceptance  of  the  franchise,  the  franchisee's  corporate   duration  shall  be  made coterminous with the expiration, revocation or   relinquishment of such franchise.  Such  length  of  duration  shall  be   deemed  to  be  incorporated  within and made part of the certificate of   incorporation of the franchised corporation and  no  amendment  to  such   certificate to incorporate any such provision shall be necessary to give   effect  to  any  such  provision and that any provision contained within   such  certificate  inconsistent  in  any  manner  with  the   provisions   contained  within this section shall be null and void and cease to be of   effect and shall be superseded by the provisions of  this  section.  The   dissolution  provisions of articles ten and eleven of the not-for-profit   corporation  law  shall  apply  upon  the  expiration,   revocation   or   relinquishment of such franchise. 4.  The  franchised  corporation  shall  not  commence operation until   by-laws and a corporate governance code of conduct are  adopted  by  its   board  of  directors.  Such by-laws and code shall ensure the franchised   corporation is operated in an efficient and transparent manner, with the   highest  degree  of  integrity and is fully accountable to the people of   the state of New York.5. The franchised corporation shall comply with  all  applicable  laws   and  regulations  and  retain an independent business integrity counsel,   who, among other things, will act  as  an  independent  source  to  help   ensure  the  integrity  of  the franchised corporation, its officers and   employees, and its operations.6. The  franchised  corporation  shall  honor  and  be  bound  by  all   collective  bargaining agreements to which the previous franchise holder   was a party for their remaining term.The franchised corporation shall, upon the  request  of  an  off-track   betting  corporation,  purchase  simulcasting  rights  jointly  with the   off-track betting corporation so that the off-track betting  corporation   pays  the  same  price  for  the  purchased simulcasting rights that the   franchised corporation  pays.  To  the  extent  permitted  by  law,  the   franchised corporation shall also share simulcasting pricing information   in the market with off-track betting corporations;7.  The  franchised  corporation  shall  conduct  public  meetings  in   cooperation with local advisory boards established pursuant  to  section   two  hundred  twelve  of  this  article  within  one hundred eighty days   following the effective date of this section on or  near  the  racetrack   facilities   of  Aqueduct,  Belmont  and  Saratoga.  Thereafter,  public   meetings shall be held no less than twice yearly in cooperation with the   local advisory boards established pursuant to section two hundred twelve   of the racing, pari-mutuel  wagering  and  breeding  law,  in  order  to   solicit  the concerns of the community surrounding the respective racing   operations.