NY Rac, Pari-Mut Wag & Breeding L § 303 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 3 - Harness Racing and Breeding 303 - Filing of Information Concerning Stock Transfers; Necessity for Commission Approval.

§ 303. Filing of information concerning stock transfers; necessity for   commission  approval. 1. Whenever 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   which it conducts pari-mutuel harness races, or  that  owns  twenty-five   percent or more of the stock of such licensee shall be made, 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   the  affiant  is to be the sole beneficial owner thereof, and whether or   not the affiant has (i)  been  convicted  of  a  crime  involving  moral   turpitude,  (ii)  been  engaged  in bookmaking or other forms of illegal   gambling, (iii) been found guilty of any fraud or  misrepresentation  in   connection with racing or breeding, (iv) 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)  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 such   stock, or any interest therein,  is  to  be  held  by  said  transferee,   setting  forth  whether  or  not the affiant has (i) been convicted of a   crime involving moral turpitude, (ii) engaged  in  bookmaking  or  other   forms  of  illegal  gambling,  (iii)  been  found guilty of any fraud or   misrepresentation in connection  with  racing  or  breeding,  (iv)  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)  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   subparagraph (i), (ii), (iii), (iv) or (v) of paragraph a of subdivision   one of this section of the affidavit theretofore filed by  him  or  her,   such  affiant  shall  forthwith file with the association or corporation   with which the  affiant's  affidavit  was  so  filed  a  new  affidavit,   executed  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 is 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  is  created  therein,   without  a transfer of such interest as provided in subdivisions one and   two of 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 subparagraphs (i), (ii), (iii),  (iv)   and  (v)  of paragraph a 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 harness 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  commission  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.