California Code of Regulations › Title 4 - Business Regulations › Division 4 - California Horse Racing Board › Article 23 - Charity Foundations and Welfare Funds › Section 2049 - Designation and Approval of Horsemen's Welfare Fund

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The horsemen's organization acknowledged by the Board under
				  Rule 2040 of this division shall establish a charitable corporation to
				  administer its welfare fund for the benefit of horsemen. The charitable
				  corporation shall register with the Registry of Charitable Trusts and be in
				  compliance with the provisions of the Uniform Supervision of Trustees for
				  Charitable Purposes Act (Government Code sections
				  12580 et
				  seq.). The Board shall designate the charitable corporation as the "welfare
				  fund" for the purposes intended under Section
				  19641(b)
				  of the Business and Professions Code; if:
(a) The charitable corporation shall have a
				minimum of five and a maximum of eleven directors or trustees who are subject
				to Board approval. The charitable corporation may not be a subsidiary or
				division of the horsemen's organization. The charitable corporation shall
				select at least one director or trustee without financial interest in horse
				racing pursuant to Business and Professions Code section
				19641.2(c).
				The term of a director or trustee shall be three years. A director or trustee
				may serve succeeding terms.
(b) The
				charitable corporation shall establish its fiscal year to be July 1 through
				June 30 and shall establish a principal office for the conduct of its
				activities and as the repository for its records. Its records shall be open to
				inspection by the Board during normal business hours. The corporation shall
				publish a report of its activities biennially.
(c) The directors or trustees shall appoint
				an administrator of the welfare fund who shall procure a license from the Board
				and perform the duties directed by the directors or trustees.
(d) The directors or trustees shall establish
				a constitution or bylaws setting forth criteria for eligibility of the
				beneficiaries of the various programs and activities to be funded under section
				19641(b)
				of the Business and Professions Code and submit to the Board on or before
				October 31 of each year a proposed schedule of expenditures from the fund for
				the next fiscal year specifying therein the categories, programs or activities
				for which funds will be expended.
1. New section
				  filed 1-30-85; effective thirtieth day thereafter (Register 85, No.
				  5).
2. Change without regulatory effect amending section filed
				  12-6-99 pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 99, No. 50).
3. Amendment of first paragraph
				  and subsections (a) and (d) filed 7-8-2002; operative 8-7-2002 (Register 2002,
				  No. 28).
4. Amendment of first paragraph and subsections (a) and (d)
				  filed 2-27-2020; operative 4-1-2020 (Register 2020, No. 9).
Note: Authority cited: Section
					 19440,
					 Business and Professions Code. Reference: Sections
					 19641
					 and
					 19641.2,
					 Business and Professions Code; and Section
					 9.00, Chapter 324, Statutes of 1983
					 (Budget Act of 1983).