New York Laws
Article 4 - Quarter Horse Racing and Breeding
407 - Licenses for Quarter Horse Race Meetings.

(i) been convicted of a crime involving moral turpitude;
(ii) engaged in bookmaking or other forms of illegal gambling;
(iii) been found guilty of any fraud or misrepresentation in
connection with racing or breeding;
(iv) been guilty of any violation or attempt to violate any law, rule
or regulation of any racing jurisdiction for which suspension from
racing might be imposed in such jurisdiction; or
(v) violated any rule, regulation or order of the commission; or
b. the experience, character or general fitness of any officer,
director or stockholder of any of the aforesaid associations or
corporations is such that the participation of such person in quarter
horse racing or related activities would be inconsistent with the public
interest, convenience or necessity or with the best interests of racing
generally; but if the commission determines that the interest of any
stockholder referred to in this paragraph or in paragraph a of this
subdivision is insufficient in the opinion of the commission to affect
adversely the conduct of pari-mutuel quarter horse racing by such
association or corporation in accordance with the provisions of this
article, the commission may disregard such interest in determining
whether or not to grant a license to such association or corporation; or
c. the applicant is not the owner of the track at which it will
conduct pari-mutuel quarter horse racing pursuant to the license applied
for, or that any person, firm, association or corporation other than the
applicant shares, or will share, in the profits of the applicant, other
than by dividends as a stockholder, or participates or will participate
in the management of the affairs of the applicant.
6. The commission shall also have power to refuse to grant a license:
a. to any association or corporation, the charter or certificate of
incorporation of which shall fail to contain a provision requiring any
stockholder, upon written demand of the association or corporation, to
sell his or her stock to the association or corporation at a price to be
fixed in the manner provided in article five of the business corporation
law, provided such demand be made pursuant to written direction of the
commission; and from and after the date of the making of such demand,
prohibiting the transfer of such certificate of stock, except to the
association or corporation; or
b. to any association or corporation that, having been a licensee, has
failed in the opinion of the commission to properly maintain its track
and plant in good condition or has failed to make adequate provision for
rehabilitation and capital improvements to its track and plant.
7. Pending final determination of any question under this section, the
commission may issue a temporary license upon such terms and conditions
as it may deem necessary, desirable or proper to effectuate the
provisions of sections two hundred twenty-two through seven hundred five
of this chapter.
8. Notwithstanding any other provision of this article, the commission
may grant a license to any authorized quarter horse racing association
or corporation to hold and conduct one additional quarter horse race
meeting of not more than one racing week's duration, with pari-mutuel
betting, on any quarter mile track within this state.
9. The commission shall have power to direct that every certificate of
stock of any association or corporation licensed under the provisions of
sections two hundred twenty-two through seven hundred five of this
chapter shall bear a legend plainly and prominently imprinted upon the
face of the certificate reading: "This certificate of stock is
transferable only subject to the provisions of section four hundred
three of the racing, pari-mutuel wagering and breeding law".