Louisiana Revised Statutes 4:179.2 – Horsemen’s organization; incorporation
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Terms Used In Louisiana Revised Statutes 4:179.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Any horsemen’s organization or organization representing horsemen shall be either a corporation or a trust, or both, organized under the laws of this state, in order to receive a distribution, allocation, or deduction of any funds under the provisions of Part I and Part I-A of this Chapter. Any funds received by such organization from any such distribution, allocation, or deduction shall be used only for the benefit of horsemen racing in the state of Louisiana.
Acts 1988, No. 797, §1; Acts 2001, No. 566, §1.