201 - Incorporation.

§  201. Incorporation. (a) General requirements. Any number of persons  may become a corporation for the purpose of conducting racing at one  or  more   thoroughbred  racetracks,  conducting  pari-mutuel  wagering  and  furthering the raising and breeding and improving the breed  of  horses,  with  all  the  general powers of corporations created under the laws of  this state, by making, signing, acknowledging and filing  a  certificate  which shall contain:    1. The name of the proposed corporation.    2.  The objects for which it is to be formed, including a statement as  to whether it is proposed to exercise the particular powers conferred by  section two hundred three of this article, and specifying whether it  is  proposed to conduct running or steeplechase race meetings.    3. The amount and description of the capital stock, if applicable.    4.  The  number  of  shares of which the capital stock, if applicable,  shall consist, each of which shall not be less than five nor  more  than  one hundred dollars.    5. The location of its principal business office.    6.  Its  duration,  which  shall  be  for  a  franchised  corporation,  coterminous with the term of the franchise.    7. The number of its directors.    8.  The  names  and  post-office  addresses  of   the   directors   or  incorporators, as applicable, for the first year.    9. The post-office addresses of the subscribers and a statement of the  number  of shares of stock which each agrees to take in the corporation,  if applicable.    10. The name of the county in which it proposes to conduct running  or  steeplechase race meetings.    (b)  Approval.  No  certificate  of  incorporation  under this section  wherein the right to conduct running or steeplechase  race  meetings  is  claimed,  shall  hereafter  be  filed  without the approval of the state  racing and wagering board indorsed thereon or annexed  thereto,  stating  that,  in  its  opinion,  the  purposes  of  this article and the public  interest  will  be  promoted  by  such  incorporation,  and  that   such  incorporation  will  be conducive to the interests of legitimate racing;  nor shall any certificate amending the said certificate of incorporation  in  any  particular  or  any  certificate  of  merger   affecting   said  corporation  be  filed  without  the  approval  of  the state racing and  wagering board indorsed thereon or annexed thereto stating that, in  its  opinion,  the  purposes  of this article and the public interest will be  promoted by such amendment or by such merger and that such amendment  or  such merger will be conducive to the interests of legitimate racing.