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A03322 Summary:

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A03322 Floor Votes:

A03322 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3322
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 26, 2009
                                       ___________
 
        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Racing and Wagering
 
        AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
          relation to audits and budgets of off-track betting corporations
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Subdivision 1 of section 524  of  the  racing,  pari-mutuel
     2  wagering and breeding law, as amended by chapter 18 of the laws of 2008,
     3  is amended to read as follows:
     4    1.  The  board  shall,  consistent  with  the powers of the [state tax
     5  commission] department of taxation and finance, prescribe uniform  meth-
     6  ods  of  keeping  accounts, records and books to be observed by regional
     7  corporations. The board shall, consistent with the powers of the  [state
     8  tax  commission]  department of taxation and finance, prescribe by order
     9  forms of accounts, records and memoranda  to  be  kept  by  such  corpo-
    10  rations.  The  board  shall  have power to visit, investigate, and place
    11  expert accountants, or such other persons as it may deem  necessary,  in

    12  the offices, or other places of business of any such corporation for the
    13  purpose  of seeing that the provisions of this chapter and the rules and
    14  regulations issued by the board thereunder are strictly  complied  with.
    15  Upon  a  finding  by the board of a reasonable basis to believe that any
    16  such offtrack betting corporation is not complying with  the  rules  and
    17  regulations  of  the  board  or  with  applicable provisions of law, the
    18  board, after providing a written report setting forth its findings,  may
    19  by  a  majority  vote  direct such corporation to cause its business and
    20  managerial practices to be audited at its own  expense  to  ensure  that
    21  such corporation complies with the rules and regulations of the board or
    22  any applicable provision of law.

    23    §  2. Subdivision 4 of section 524 of the racing, pari-mutuel wagering
    24  and breeding law is amended to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05162-01-9
        A. 3322                             2
 
     1    4. The reports required under this section shall be in such  form  and
     2  contain  such other matters as the board may determine from time to time
     3  to be necessary to disclose accurately the financial condition and oper-
     4  ation of such corporations.  Each regional corporation  shall  submit  a
     5  copy of the corporation's annual budget to the board no later than twen-

     6  ty  days following approval of such budget by the corporation's board of
     7  directors. The board may for good cause shown grant a reasonable  exten-
     8  sion of time for the filing of any such report.
     9    § 3. This act shall take effect on the one hundred eightieth day after
    10  it shall have become a law; provided, however, that the state racing and
    11  wagering  board  is  authorized  to promulgate any rules and regulations
    12  prior to such effective date to implement the provisions of this act.