N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 202-A – Liability of the directors of a franchised corporation
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§ 202-a. Liability of the directors of a franchised corporation. The directors of a franchised corporation, and any person or persons acting on their behalf, while acting within the scope of their authority, shall be exempt from any personal liability resulting from carrying out any of the powers expressly given in this chapter, except for acts of malfeasance or gross negligence.
Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 202-A
- 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.