Connecticut General Statutes 12-571 – Sale of off-track betting systems. Regulation of off-track betting systems
(a) The Commissioner of Consumer Protection shall enter into negotiations with a person or business organization for the award of a contract of sale of the off-track betting system including, but not limited to, the assets and liabilities of the system and the right to operate the system. Such contract of sale shall authorize the purchaser of the system to establish and conduct a system of off-track betting on races held within or without the state pursuant to the provisions of this chapter. All proceeds derived from such sale shall be deposited as provided in section 39 of public act 93-332*. Until the effective date of transfer of ownership of the off-track betting system, the commissioner shall establish and conduct systems of off-track betting on races held within or without the state pursuant to the provisions of this chapter.
Terms Used In Connecticut General Statutes 12-571
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business organization: means a partnership, incorporated or unincorporated association, firm, corporation, trust or other form of business or legal entity, other than a financial institution regulated by a state or federal agency which is not exercising control over an association licensee, but does not mean a governmental or sovereign entity. See Connecticut General Statutes 12-557b
- Commissioner: means the Commissioner of Consumer Protection. See Connecticut General Statutes 12-557b
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Consumer Protection. See Connecticut General Statutes 12-557b
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means any individual, partnership, company, limited liability company, public or private corporation, society, association, trustee, executor, administrator or other fiduciary or custodian. See Connecticut General Statutes 12-1
(b) It is hereby declared that off-track betting on races conducted under the administration or regulatory authority of the department in the manner and subject to the conditions of this chapter shall be lawful notwithstanding the provisions of any other law, general, special or municipal, including any law prohibiting or restricting lotteries, bookmaking or any other kind of gambling, it being the purpose of this chapter to derive from such betting, as authorized by this chapter, a reasonable revenue for the support of state government and to prevent and curb unlawful bookmaking and illegal betting on races.
(c) Until the effective date of transfer of ownership of the off-track betting system, the commissioner shall adopt rules and regulations, consistent with this chapter, establishing and governing the permitted method or methods of operation of the system of off-track betting.
(d) For the purposes of this section, the effective date of transfer of ownership of the off-track betting system was June 30, 1993.