§ 503-a. Additional powers of the regional off-track betting corporations. 1. In addition to the powers enumerated in section five hundred three of this article, financially insolvent regional off-track betting corporations, as determined by the commission upon review of certified financial statements, are hereby authorized and may file any petition with any United States district court or court of bankruptcy under any provision of laws of the United States for the composition or adjustment of municipal indebtedness, provided such corporation is authorized by a resolution adopted by a majority of the participating counties to such region, or, for a corporation wholly contained within one county, by a resolution adopted by such county. The provisions of this subdivision shall not apply to the Suffolk regional off-track betting corporation until April first, two thousand fourteen.

Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 503-A

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  Previous section
Next section  
 Article 5 Contents