New york city off track betting corporation

If the certificate required by subdivision three of this section is not filed by December thirty-first, nineteen hundred seventy-five, the corporate existence of a corporation shall terminate, but otherwise, each corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the corporation shall have bonds, notes or other obligations outstanding. Upon termination of the existence of the corporation all of its rights, property, assets and funds shall thereupon vest in and be possessed by the participating counties in the same proportion such property, assets and funds may have been contributed by each county or according to the manner in which the revenues of the corporation are distributed pursuant to section five hundred sixteen of this article, or any combination of both such methods, as the state board shall determine.

Notwithstanding the provisions of paragraph a of this subdivision, those counties comprising the Central region prior to January first, nineteen hundred seventy-four, even though such counties are included in off-track betting regions other than the Central region, shall have until December thirty-first, nineteen hundred eighty-two to file the certificate required by subdivision three of this section. Each director shall continue to serve until the appointment and qualification of his successor.

The directors shall be removable for cause by the state board, upon charges and after a hearing. The powers of the corporation shall be vested in and exercised by the board of directors at a meeting duly held at a time fixed by any by-law adopted by the board, or at any duly adjourned meeting of such meeting or at any meeting held upon reasonable notice to all of the directors, or upon written waiver thereof, and a majority of the whole number of directors shall constitute a quorum; provided that neither the business nor the powers of the corporation shall be transacted or exercised except pursuant to the favorable vote of at least a majority of the directors present at a meeting at which a quorum is in attendance.

The board of directors may delegate to one or more of the directors, officers, agents or employees of the corporation such powers and duties as it may deem proper. The directors may receive a sum of two hundred fifty dollars for each day or part thereof spent in attendance at meetings held in accordance with subdivision eight of this section, but not to exceed twenty-five hundred dollars during any one year.

The directors may receive a sum of one hundred dollars for each day or part thereof at meetings other than those defined in subdivision eight of this section or otherwise in the work of the corporation; provided that such activities are approved by the board as a whole.

Such additional expenses shall not exceed fifteen hundred dollars in any calendar year. The chairman of the board elected in accordance with subdivision one of this section shall receive additional compensation of one thousand dollars per year to cover those expenses and activities associated with such office. In addition, the directors shall be reimbursed for their actual and necessary expenses incurred in the performance of their official duties.

Any expenses incurred by a director in excess of those authorized by paragraph d of this subdivision shall be the responsibility of the appointing political subdivision, payable on vouchers certified or approved by the chief fiscal officer of such political subdivision as is provided by law. The directors may engage in outside employment or in a profession or business unless otherwise prohibited from doing so by virtue of holding another public office subject to the provisions of article eighteen of the general municipal law.

For the purposes of such article eighteen, the corporation shall be a "municipality" and a director shall be a "municipal officer. The board of directors shall hold an annual meeting. The fiscal year of the corporation shall be the calendar year. A general manager, who shall be the chief executive officer of the corporation, shall be in charge of the administration of its affairs. He shall perform his duties as chief executive officer, together with any other duties assigned to him by the corporation, under its direct supervision and control and shall give full time to such duties.

Any person prohibited by any law or rule from accepting compensation described in subdivision ten of this section shall nonetheless be permitted to serve as a director provided said person waives his compensation.

Notwithstanding any inconsistent provision of this chapter or any other law, any director, administrator, or other employee of a corporation may be issued and hold any license issued by the state board. Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. The once around the track mile and half race is the longest of the three Triple Crown Races.

The spring meet opens with simulcast wagering on the Kentucky Derby in May and closes at the end of July. They open the fall racing schedule in early September and it runs until the third week of October. Race fans can enjoy simulcast racing live in person everyday at Belmont Park. Horse bettors can also access the action from Belmont at a trusted and respected online racebook like the one at bodog. Off track betting in the state is administered by five separate public corporations.

Please note that locations are subject to change.

Establishment of regional off-track betting corporations.

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On average, about 79 percent of that betting handle is returned to the bettors. Accumulated shortfalls have prevented the OTB from making its required distributions. That must not continue. Without reviewing here the specifics of a plan to restore NYC OTB to solvency, my purpose is to provide The Capitol readers with a general idea of what is being considered. First, of course, is to reduce operating expenses.

I recommend a significant downsizing of person-power, from the top to the bottom. Advertisement Then consider that betting at OTB branches accounts for almost two-thirds of its immense total betting handle. They have been a major player in the equestrian world for well over years. Horse racing fans the world over flock to New York to bet on major stakes races every year. An increasing number of people are accessing the exciting New York horse racing circuit through online wagering at respected racebooks like bovada.

The once around the track mile and half race is the longest of the three Triple Crown Races. The spring meet opens with simulcast wagering on the Kentucky Derby in May and closes at the end of July. They open the fall racing schedule in early September and it runs until the third week of October. Race fans can enjoy simulcast racing live in person everyday at Belmont Park.

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