210-A - Relinquishment of franchise.

§  210-a.  Relinquishment  of  franchise. 1. No franchised corporation  shall relinquish a franchise granted  to  it  pursuant  to  section  two  hundred  six  of  this  article  at any time within the term of any such  franchise without giving separate written notification of its  intention  to  effect  relinquishment by certified mail return receipt requested to  the franchise oversight board and the state racing  and  wagering  board  not  less than one hundred eighty days prior to the date such franchised  corporation proposes to be the effective date of relinquishment.    2. Such a franchised corporation shall not present  a  certificate  of  dissolution  of  its  corporate  existence  under  article  ten  of  the  not-for-profit corporation law to  the  department  of  state  with  the  consent  required  by  law attached thereto for a period of at least one  hundred eighty days following the date that the association  elected  to  dissolve its corporate status in the manner authorized by the provisions  of such article.    3. Such a franchised corporation also shall not present a petition for  judicial  dissolution  of its corporate existence to a court pursuant to  the provisions of article eleven of the not-for-profit  corporation  law  for a period of at least one hundred eighty days following the date that  action   was   completed   under  section  eleven  hundred  two  of  the  not-for-profit corporation law  authorizing  the  presentation  of  such  petition  and  the  franchised  corporation agrees to name the franchise  oversight board  in  the  petition  for  the  purpose  of  enabling  the  franchise  oversight  board to receive a copy of any order to show cause  made by a court under the provisions of section eleven hundred  four  of  the not-for-profit corporation law.    4.   If   the  franchised  corporation  voluntarily  relinquishes  its  franchise prior to  expiration,  or  voluntarily  declines  to  continue  conducting  race  meetings  and  pari-mutuel betting on the races run at  such race meetings as required by its franchises unless such declination  is the result of strikes, acts of God, or other unavoidable  causes  not  under the control of such franchised corporation, or voluntarily affects  corporate  dissolution  in  the  manner  provided  for by article ten or  eleven of  the  not-for-profit  corporation  law  and  other  applicable  provisions  of  law, or if such franchise is revoked by the board, then,  notwithstanding  any  other  provision  of  law  to  the  contrary,  the  franchised  corporation  shall transfer to the franchise oversight board  at  the  time  of  such  relinquishment,  declination,   revocation   or  dissolution  all  right,  title  and  interest  held  by such franchised  corporation in all  such  facilities  and  associated  assets,  and  all  capital improvements made to the real property and such facilities.