NY Rac, Pari-Mut Wag & Breeding L § 502 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - Regional Off-Track Betting Corporations 502 - Establishment of Regional Off-Track Betting Corporations.

§  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 shall govern such New York city  off-track  betting   corporation.  Each  regional  corporation  shall be a body corporate and   politic constituting a  public  benefit  corporation.  Each  corporation   shall  be administered by a board of directors consisting of two members   from each participating county containing a city  of  over  one  hundred   fifty  thousand in population, according to the last federal census, and   one member from each other  participating  county.  Notwithstanding  any   other  provision  of law to the contrary, the members shall be appointed   by the county governing  body,  and  may,  at  the  discretion  of  such   governing  body  of  counties  which  have a population of less than two   hundred thousand, include sitting members  of  such  governing  body.  A   member of a governing body who is appointed a director after July first,   nineteen  hundred  ninety  shall  not  be  compensated  by  the regional   corporation; provided, however, that the mayor of a  city  of  over  one   hundred fifty thousand that has elected to participate in the management   of a corporation pursuant to subdivision two of this section shall, with   the  approval of the city's legislative body, appoint one of the members   to which the county containing such city is entitled. In the case of the   corporation established for the Suffolk region and  Nassau  region,  the   board  of  directors  of each corporation shall consist of three members   appointed by the governing body of each county, not  more  than  two  of   whom  shall  be members of the same political party. Each director shall   serve at the pleasure of the governing body or mayor appointing him,  as   the  case  may be. A chairman shall be elected by the members to serve a   term of one year.2. A city with a population of more than one hundred  fifty  thousand,   according  to  the  last federal census, may elect to participate in the   management and revenues of a regional corporation if the county in which   such city is located has elected to become a participating county.  Such   election shall be by enabling legislation. Upon such election, such city   shall participate in the amount of any loans or contributions made or to   be  made  by  the  participating  county  containing  the  city  to  the   corporation, pursuant to section five hundred six of  this  article,  in   the  proportion  that such city will participate in net revenues payable   to such county or such other equitable arrangement as shall be  approved   by the commission.3.  Upon  the passage of enabling legislation by the governing body of   not less than three counties within a region representing not less  than   thirty  percent  of  the population of such region, as determined by the   last federal census, or in the case of  the  Suffolk  region,  upon  the   passage of enabling legislation by the governing body of Suffolk county,   or  in  the  case  of  the  Nassau  region, upon the passage of enabling   legislation by the governing body of Nassau county, or in  the  case  of   the  Mid-Hudson  region  upon the passage of enabling legislation by the   governing body of the county of Westchester and of the governing body of   one other county in  such  region,  and  following  the  appointment  of   members  of the board of directors, such corporation shall file with the   secretary of state and with the commission a certificate setting forth:a. The date of passage of the enabling legislation;b. The name of the agency, which shall  be  the  name  of  the  region   followed by the words "regional off-track betting corporation"; andc. The names of the members of the board of directors and the chair. 4.  Each  of  the  counties  of  the  region  that  has  not  become a   participating county at the time of filing of the  certificate  required   by  subdivision  three  of  this  section may do so by enacting enabling   legislation, a duly certified copy of which must be filed with the board   of  directors,  the  commission,  the  secretary of state and the county   clerk of each participating county. In the event that a county elects to   participate after June first, nineteen  hundred  ninety,  the  effective   date  of  approval  by the commission shall not be earlier than the date   that branch offices are established and operating. If, at  the  time  of   such  election,  the commission has approved a plan of operation for the   corporation, a county may not  become  a  participating  county  without   approval  by  the commission of a modified feasibility study and amended   plan of operation which shall be submitted by  the  corporation  to  the   commission pursuant to section five hundred twenty-one of this chapter.If the participating counties in the region have contributed or loaned   funds  or other consideration to the corporation, the board of directors   may  require  that  any  county  subsequently  electing  to   become   a   participating  county make such contributions in the same proportion, if   any, as may have governed such contributions or loans  by  participating   counties.  Any  dispute  as  to  the  value  of consideration or as to a   contribution required by the board of directors shall be resolved by the   commission.5. a. If the certificate required by subdivision three of this section   is not filed by December thirty-first,  nineteen  hundred  seventy-five,   the corporate existence of a corporation shall terminate, but otherwise,   each  corporation  and  its  corporate  existence  shall  continue until   terminated by law; provided, however, that no such law shall take effect   so long as the corporation shall have bonds, notes or other  obligations   outstanding. Upon termination of the existence of the corporation all of   its  rights,  property,  assets and funds shall thereupon vest in and be   possessed by the participating counties  in  the  same  proportion  such   property,  assets  and funds may have been contributed by each county or   according to the manner in which the revenues  of  the  corporation  are   distributed pursuant to section five hundred sixteen of this article, or   any combination of both such methods, as the commission shall determine.b.  Notwithstanding the provisions of paragraph a of this subdivision,   those counties comprising the Central region  prior  to  January  first,   nineteen hundred seventy-four, even though such counties are included in   off-track  betting  regions  other  than  the Central region, shall have   until December thirty-first, nineteen hundred  eighty-two  to  file  the   certificate required by subdivision three of this section.6.  Each  director  shall  continue to serve until the appointment and   qualification of his successor.7. The directors shall be removable for cause by the commission,  upon   charges and after a hearing.8.  The  powers of the corporation shall be vested in and exercised by   the board of directors at a meeting duly held at a  time  fixed  by  any   by-law  adopted  by  the board, or at any duly adjourned meeting of such   meeting or at any meeting held upon reasonable  notice  to  all  of  the   directors,  or  upon written waiver thereof, and a majority of the whole   number of directors shall constitute a quorum; provided that neither the   business nor the powers  of  the  corporation  shall  be  transacted  or   exercised  except  pursuant to the favorable vote of at least a majority   of the  directors  present  at  a  meeting  at  which  a  quorum  is  in   attendance.9.  The  board  of  directors  may  delegate  to  one  or  more of the   directors, officers, agents or employees of the corporation such  powers   and duties as it may deem proper. 10.  a.  The  directors may receive a sum of two hundred fifty dollars   for each day or part thereof spent in attendance  at  meetings  held  in   accordance  with  subdivision  eight  of this section, but not to exceed   twenty-five hundred dollars during any one year.b. The directors may receive a sum of one hundred dollars for each day   or  part  thereof  at  meetings  other than those defined in subdivision   eight of this section or otherwise  in  the  work  of  the  corporation;   provided that such activities are approved by the board as a whole. Such   additional  expenses  shall  not  exceed  fifteen hundred dollars in any   calendar year.c. The chairman of the board elected in  accordance  with  subdivision   one  of  this  section  shall  receive  additional  compensation  of one   thousand dollars  per  year  to  cover  those  expenses  and  activities   associated with such office.d. In addition, the directors shall be reimbursed for their actual and   necessary expenses incurred in the performance of their official duties.e.  Any  expenses incurred by a director in excess of those authorized   by paragraph d of this subdivision shall be the  responsibility  of  the   appointing  political  subdivision,  payable  on  vouchers  certified or   approved by the chief fiscal officer of such political subdivision as is   provided by law.11. The directors may engage in outside employment or in a  profession   or  business  unless  otherwise  prohibited  from  doing so by virtue of   holding another public office  subject  to  the  provisions  of  article   eighteen  of the general municipal law. For the purposes of such article   eighteen, the corporation shall be a "municipality" and a director shall   be a "municipal officer."12. a. The board of directors shall hold an annual  meeting  and  meet   not less than quarterly.b.  Each  board  member  shall  receive,  not  less than seven days in   advance of a meeting, documentation necessary  to  ensure  knowledgeable   and  engaged  participation.  Such  documentation shall include material   relevant  to  each  agenda  item  including  background  information  of   discussion items, resolutions to be considered and associated documents,   a  monthly  financial statement which shall include an updated cash flow   statement and aged  payable  listing  of  industry  payables,  financial   statements, management reports, committee reports and compliance items.c.  Staff  of  the  corporation shall annually submit to the board for   approval a financial plan accompanied by expenditure, revenue  and  cash   flow  projections.  The  plan  shall  contain projection of revenues and   expenditures based on reasonable and appropriate assumptions and methods   of estimations, and shall provide  that  operations  will  be  conducted   within  the  cash  resources  available.  The  financial plan shall also   include information regarding projected  employment  levels,  collective   bargaining  agreements  and  other  actions  relating to employee costs,   capital construction and such other matters as the board may direct.d. Staff of the corporation shall prepare and submit to the board on a   quarterly basis a report of summarized  budget  data  depicting  overall   trends,  by  major  category within funds, of actual revenues and budget   expenditures for the entire budget rather than individual line items, as   well  as  updated  quarterly  cash  flow  projections  of  receipts  and   disbursements.   Such   reports  shall  compare  revenue  estimates  and   appropriations as set forth in such budget and in the quarterly  revenue   and   expenditure  projections  submitted  therewith,  with  the  actual   revenues and expenditures made to date. Such reports shall also  compare   actual  receipts  and  disbursements with the estimates contained in the   cash flow projections, together with variances  and  their  explanation.   All  quarterly  reports shall be accompanied by recommendations from the    president setting forth any remedial action  necessary  to  resolve  any   unfavorable budget variance including the overestimation of revenues and   the  underestimation of appropriations. These reports shall be completed   within  thirty days after the end of each quarter and shall be submitted   to the board by the corporation comptroller.e. Revenue  estimates  and  the  financial  plan  shall  be  regularly   reexamined by the board and staff and shall provide a modified financial   plan  in  such  detail  and  within  such  time periods as the board may   require. In the event of reductions in such revenue estimates, the board   shall consider and approve such adjustments  in  revenue  estimates  and   reductions  in total expenditures as may be necessary to conform to such   revised revenue estimates or aggregate expenditure limitations.13. The fiscal year of the corporation shall be the calendar year.14. A general manager, who shall be the chief executive officer of the   corporation, shall be in charge of the administration of its affairs. He   shall perform his duties as chief executive officer, together  with  any   other  duties  assigned  to  him  by  the  corporation, under its direct   supervision and control and shall give full time to such duties.15.  Any  person  prohibited  by  any  law  or  rule  from   accepting   compensation   described  in  subdivision  ten  of  this  section  shall   nonetheless be permitted to serve as a  director  provided  said  person   waives his compensation.16.  Notwithstanding any inconsistent provision of this chapter or any   other  law,  any  director,  administrator,  or  other  employee  of   a   corporation may be issued and hold any license issued by the commission.