New York Laws
Article 4 - Quarter Horse Racing and Breeding
415 - Bond Required of Corporation or Association Conducting Pari-Mutuel Betting.

§ 415. Bond required of corporation or association conducting
pari-mutuel betting. Every corporation or association licensed by the
commission to conduct quarter horse race meetings at which pari-mutuel
betting shall be permitted, annually and before the opening of any race
meeting shall execute and file with the state comptroller a bond to this
state in a penalty to be fixed by the department of taxation and finance
not exceeding two hundred fifty thousand dollars, with sureties approved
by the attorney general, that it will keep its books and records and
make reports as required by sections two hundred twenty-two through
seven hundred five of this chapter, that it will pay to the state all
taxes imposed by sections two hundred twenty-two through seven hundred
five of this chapter, that it will distribute to the patrons of
pari-mutuel pools conducted by it all sums due upon presentation of
winning tickets held by them, and that it will otherwise comply with all
of the provisions of sections two hundred twenty-two through seven
hundred five of this chapter and with the rules and regulations
prescribed by the commission and the department of taxation and finance.

Structure New York Laws