N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 601 – Declaration of policy and statement of purposes
§ 601. Declaration of policy and statement of purposes. It is hereby found, determined and declared:
Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 601
- 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.
1. That the New York state off-track pari-mutuel betting law was created by a chapter of the laws of nineteen hundred seventy;
2. That the New York state off-track pari-mutuel betting commission, established by such law, was authorized to approve the operation of off-track pari-mutuel betting systems by public benefit corporations in participating municipalities;
3. That the operation of an off-track pari-mutuel betting system by a public benefit corporation in New York city, in accordance with the provision of the New York state off-track pari-mutuel betting law, is deemed to be a matter of state concern and a public purpose which cannot be adequately attained except by the powers of government, and that such public benefit corporation in the exercise of the powers conferred upon it by this article, will perform a governmental function.