NY Rac, Pari-Mut Wag & Breeding L § 516 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - Regional Off-Track Betting Corporations 516 - Moneys of Corporations; Disposition of Net Revenues.

§  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.  After  payment of all of the costs of the corporation's functions,   net revenue remaining to the corporation  shall  be  divided  among  the   participating counties in accordance with the following provisions:a.  Fifty  percent of such revenue distributed among the participating   counties  on  the  basis  of  the  proportion  of  the  total  off-track   pari-mutuel  wagering  accepted  by  the corporation during the previous   period  that  originated  in  the  branch  offices   located   in   each   participating county;b.  Fifty  percent  of  such  revenue  on  the basis of population, as   defined as the total population in each participating  county  shown  by   the latest preceding decennial federal census completed and published as   a  final  population  count  by  the  United States bureau of the census   preceding  the  commencement  of  the  calendar  year  in   which   such   distribution is to be made; andc. A participating county containing a city electing to participate in   the  management  and  revenues of a corporation under subdivision two of   section five hundred  two  of  this  article  shall  distribute  revenue   received  under  paragraphs  a  and  b  of this subdivision to such city   according to the proportion such city's population bears to the county's   population.2-a. The net revenue remaining to the corporation shall be distributed   quarterly, not more than thirty days after the  close  of  the  calendar   quarter,  unless,  each  off-track  betting  corporation's  board  shall   determine  once  annually,  that  such  net  revenue  remaining  to  the   corporation shall be distributed to participating counties and cities on   an  annual,  or  bi-annual basis, to be distributed not more than thirty   days after the close of the calendar year, or the close of the bi-annual   year (January-June and July-December). No such  determination  shall  be   made prior to the board's receipt of an annual written approval, to such   specified  annual, or bi-annual payment schedule, between each off-track   betting corporation and  the  governing  bodies  of  each  participating   counties and cities within such applicable region.3.  The  comptroller  and  his  legally  authorized representative are   authorized to and shall from time to time but at  least  once  annually,   examine  the  accounts  and  books  of  the  corporation,  including its   receipts, disbursements, contracts, leases, sinking  funds,  investments   and any other records and papers relating to its financial standing.4. The corporation shall have power, notwithstanding the provisions of   this section, to contract with the holders of any of its bonds as to the   custody,  collection,  securing, investment and payment of any moneys of   the corporation or any moneys held in trust or otherwise for the payment   of bonds in any way to secure bonds, and to carry out any such  contract   notwithstanding that such contract may be inconsistent with the previous   provisions of this section.5.  Moneys  held  in trust or otherwise for the payment of bonds or in   any way to secure bonds and deposits of such moneys may  be  secured  in   the  same  manner  as moneys of the corporation, and all banks and trust   companies are authorized to give such security for such deposits.