NY Rac, Pari-Mut Wag & Breeding L § 403 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 4 - Quarter Horse Racing and Breeding 403 - Filing of Information Concerning Stock Transfers; Necessity for Commission Approval.

§ 403. Filing of information concerning stock transfers; necessity for   commission  approval.  1.  Whenever  there is a transfer of stock of any   association or corporation that is licensed under this  article,  or  of   any association or corporation that leases to such licensee the track at   that  it  conducts  pari-mutuel  quarter  horse  races,  or  which  owns   twenty-five percent or more of the stock of such licensee,  there  shall   be  filed simultaneously with the association or corporation that issued   such stock the following:a. In duplicate, an affidavit executed by the transferee stating  that   he or she is to be the sole beneficial owner thereof, and whether or not   he  or  she (i) has been convicted of a crime involving moral turpitude,   (ii) has been engaged in bookmaking or other forms of illegal  gambling,   (iii)  has  been  found  guilty  of  any  fraud  or misrepresentation in   connection with  racing  or  breeding,  (iv)  has  been  guilty  of  any   violation  or  attempt  to  violate  any  law, rule or regulation of any   racing jurisdiction for which suspension from racing might be imposed in   such jurisdiction, or (v) has violated any rule, regulation or order  of   the  commission;  if  the  transferee  is not, or is not to be, the sole   beneficial owner thereof, then there shall be annexed to said  affidavit   of the transferee, and expressly stated in such affidavit to be deemed a   part thereof, a true and complete copy, or if oral, a complete statement   of  all  the  terms, of the agreement or understanding pursuant to which   the stock is to be so held  by  the  transferee,  including  a  detailed   statement  of  the  interest  therein  of each person who is to have any   interest therein; and at the same time.b. In duplicate, an affidavit executed by each  person  for  whom  the   said  stock,  or any interest therein, is to be held by said transferee,   setting forth whether or not the affiant (i) has  been  convicted  of  a   crime involving moral turpitude, (ii) has engaged in bookmaking or other   forms  of  illegal gambling, (iii) has been found guilty of any fraud or   misrepresentation in connection with racing or breeding, (iv)  has  been   guilty  of  any  violation  or  attempt  to  violate  any  law,  rule or   regulation of any racing jurisdiction for which suspension  from  racing   might  be  imposed  in  such jurisdiction, or (v) has violated any rule,   regulation or order of the commission; to each of which affidavits shall   be annexed, and expressly stated in such affidavit to be deemed  a  part   thereof,  a  true and complete copy, or if oral, a complete statement of   all the terms of the agreement or understanding pursuant  to  which  the   stock is to be so held by the transferee, including a detailed statement   of  the  interest  therein  of  each  person who is to have any interest   therein.c. Said association or  corporation  shall  forthwith  file  with  the   commission one of each of said duplicate affidavits.2.  If,  after  the  filing  of  any affidavit required to be filed by   subdivision one of this section, there is any change in  the  status  of   any  such  affiant  with  respect  to  any  of  the matters set forth in   paragraph a or b of subdivision one of this section,  of  the  affidavit   filed  by  such affiant, then such affiant shall forthwith file with the   association or corporation with which his or her affidavit was so  filed   a new affidavit, executed by him or her in duplicate, setting forth such   change  of  status,  and  the association or corporation shall forthwith   file one of said affidavits with the commission.3. Whenever any change  shall  be  made  in  the  amount,  nature,  or   otherwise,  of the interest of any person having an interest in stock of   any such association or  corporation,  or  any  new  interest  shall  be   created therein, without a transfer thereof as provided in this section,   the  record  owner of such stock, and each person whose interest therein   has been so attempted to be changed or  created,  shall  file  with  the    association  or  corporation  that  issued  such  stock,  in  duplicate,   affidavits as provided by paragraphs a and b of subdivision one of  this   section,  except  that  such  affidavits  need  not  include the matters   referred  to  in  paragraph  a  or b of subdivision one of this section,   unless then required pursuant to subdivision two of  this  section,  and   one  copy  thereof  shall  forthwith  be  filed  by  the  association or   corporation with the commission.4. The commission may, upon application to it for  good  cause  shown,   waive compliance with subdivisions one, two and three of this section.5.  If  the  commission  determines  that  it is inconsistent with the   public interest, convenience or necessity, or with the best interests of   racing generally, that any person continue to be a stockholder of record   or the beneficial owner of any interest in stock standing in the name of   another, in any association or corporation licensed under this  article,   or  of  any  association or corporation that leases to such licensee the   track at which it conducts pari-mutuel quarter horse racing or that owns   twenty-five  percent  or  more  of  the  stock  of  such  licensee,  the   commission  shall  have full power and authority to order or direct each   such stockholder or beneficial owner irrespective of the time when  such   stockholder  or  beneficial  owner acquired his or her stock or interest   therein to dispose of such stock or interest within a period of time  to   be  specified  by the commission, which period the commission shall have   full power and authority to extend from time to time.6. If the commission shall make any order or direction as provided  in   subdivision  five of this section, the person aggrieved thereby shall be   given notice of the time and place of a hearing before the commission at   which the board will hear such person in reference thereto.  The  action   of  the  commission  in  making  any  such  order  or direction shall be   reviewable in the courts of this state in the manner  provided  by,  and   subject to the provisions of article seventy-eight of the civil practice   law and rules.7. Upon application of the commission, the supreme court of this state   shall  have  jurisdiction  to  issue  final  orders, on notice and after   hearing, commanding any person to comply  with  the  provisions  of  the   orders  or directions issued by the commission under subdivision five of   this section.8. In case of conflict between this section and article eight  of  the   uniform commercial code, this section shall control.