* § 207. Board of directors of a franchised corporation. 1. a. The board of directors shall consist of twenty-five members, fourteen of whom may consist of board members serving on the New York Racing Association, Inc. board at the time of enactment of this section and shall be selected in a manner and for terms to be prescribed by the New York Racing Association, Inc., which shall also fill any vacancies in those positions; and the remaining eleven shall be appointed by public officers, subject to removal and replacement by their appointing authority, and shall be comprised of seven members appointed by the governor of whom one shall be appointed by the governor and shall be a current or former officer or director of a New York state off-track betting corporation, of whom one shall be appointed by the governor upon the recommendation of the New York Thoroughbred Breeders Inc., of whom one shall be appointed by the governor upon the recommendation of the New York thoroughbred horsemen's association (or such other entity as is certified and approved pursuant to section two hundred twenty-eight of this chapter), and of whom one shall be appointed by the governor upon the recommendation of the New York state American Federation of Labor and Congress of Industrial Organizations, two of whom shall be appointed by the temporary president of the senate, and two of whom shall be appointed by the speaker of the assembly. Board members shall elect from its members a chair and a vice-chair who shall act as chair in the absence of the chair, and the initial chair shall serve for no longer than four years. All board members shall have equal voting rights. b. The franchised corporation shall establish a compensation committee to fix salary guidelines, such guidelines to be consistent with an operation of other first class thoroughbred racing operations in the United States; a finance committee, to review annual operating and capital budgets for each of the three racetracks; a nominating committee, to nominate any new directors to be designated by the franchised corporation to replace its existing directors; and an executive committee. Each of the compensation, finance, nominating and executive committees shall include at least one of the directors appointed by the governor, and the executive committee shall include at least one of the directors appointed by the temporary president of the senate and at least one of the directors appointed by the speaker of the assembly. 2. Members of the board of directors shall serve without compensation for their services, but publicly appointed members of the board shall be entitled to reimbursement from the franchised corporation for actual and necessary expenses incurred in the performance of their official duties. 3. Members of the board of directors, except as otherwise provided by law, may engage in private employment, or in a profession or business, however no member shall have any direct or indirect economic interest in any video lottery gaming facility, excluding incidental benefits based on purses or awards won in the ordinary conduct of racing operations, or any direct or indirect interest in any development undertaken at the racetracks of the state racing franchise. 4. The affirmative vote of a majority of members of the board of directors shall be necessary for the transaction of any business or the exercise of any power or function of the franchised corporation. The franchised corporation may delegate on an annual basis to one or more of its members, or its officers, agents or employees, such powers and duties as it may deem proper. * NB Effective upon confirmation of NYRA plan of reorganization.
* § 207. Board of directors of a franchised corporation. 1. a. The board of directors shall consist of twenty-five members, fourteen of whom may consist of board members serving on the New York Racing Association, Inc. board at the time of enactment of this section and shall be selected in a manner and for terms to be prescribed by the New York Racing Association, Inc., which shall also fill any vacancies in those positions; and the remaining eleven shall be appointed by public officers, subject to removal and replacement by their appointing authority, and shall be comprised of seven members appointed by the governor of whom one shall be appointed by the governor and shall be a current or former officer or director of a New York state off-track betting corporation, of whom one shall be appointed by the governor upon the recommendation of the New York Thoroughbred Breeders Inc., of whom one shall be appointed by the governor upon the recommendation of the New York thoroughbred horsemen's association (or such other entity as is certified and approved pursuant to section two hundred twenty-eight of this chapter), and of whom one shall be appointed by the governor upon the recommendation of the New York state American Federation of Labor and Congress of Industrial Organizations, two of whom shall be appointed by the temporary president of the senate, and two of whom shall be appointed by the speaker of the assembly. Board members shall elect from its members a chair and a vice-chair who shall act as chair in the absence of the chair, and the initial chair shall serve for no longer than four years. All board members shall have equal voting rights. b. The franchised corporation shall establish a compensation committee to fix salary guidelines, such guidelines to be consistent with an operation of other first class thoroughbred racing operations in the United States; a finance committee, to review annual operating and capital budgets for each of the three racetracks; a nominating committee, to nominate any new directors to be designated by the franchised corporation to replace its existing directors; and an executive committee. Each of the compensation, finance, nominating and executive committees shall include at least one of the directors appointed by the governor, and the executive committee shall include at least one of the directors appointed by the temporary president of the senate and at least one of the directors appointed by the speaker of the assembly. 2. Members of the board of directors shall serve without compensation for their services, but publicly appointed members of the board shall be entitled to reimbursement from the franchised corporation for actual and necessary expenses incurred in the performance of their official duties. 3. Members of the board of directors, except as otherwise provided by law, may engage in private employment, or in a profession or business, however no member shall have any direct or indirect economic interest in any video lottery gaming facility, excluding incidental benefits based on purses or awards won in the ordinary conduct of racing operations, or any direct or indirect interest in any development undertaken at the racetracks of the state racing franchise. 4. The affirmative vote of a majority of members of the board of directors shall be necessary for the transaction of any business or the exercise of any power or function of the franchised corporation. The franchised corporation may delegate on an annual basis to one or more of its members, or its officers, agents or employees, such powers and duties as it may deem proper. * NB Effective upon confirmation of NYRA plan of reorganization.
* § 207. Board of directors of a franchised corporation. 1. a. The board of directors shall consist of twenty-five members, fourteen of whom may consist of board members serving on the New York Racing Association, Inc. board at the time of enactment of this section and shall be selected in a manner and for terms to be prescribed by the New York Racing Association, Inc., which shall also fill any vacancies in those positions; and the remaining eleven shall be appointed by public officers, subject to removal and replacement by their appointing authority, and shall be comprised of seven members appointed by the governor of whom one shall be appointed by the governor and shall be a current or former officer or director of a New York state off-track betting corporation, of whom one shall be appointed by the governor upon the recommendation of the New York Thoroughbred Breeders Inc., of whom one shall be appointed by the governor upon the recommendation of the New York thoroughbred horsemen's association (or such other entity as is certified and approved pursuant to section two hundred twenty-eight of this chapter), and of whom one shall be appointed by the governor upon the recommendation of the New York state American Federation of Labor and Congress of Industrial Organizations, two of whom shall be appointed by the temporary president of the senate, and two of whom shall be appointed by the speaker of the assembly. Board members shall elect from its members a chair and a vice-chair who shall act as chair in the absence of the chair, and the initial chair shall serve for no longer than four years. All board members shall have equal voting rights. b. The franchised corporation shall establish a compensation committee to fix salary guidelines, such guidelines to be consistent with an operation of other first class thoroughbred racing operations in the United States; a finance committee, to review annual operating and capital budgets for each of the three racetracks; a nominating committee, to nominate any new directors to be designated by the franchised corporation to replace its existing directors; and an executive committee. Each of the compensation, finance, nominating and executive committees shall include at least one of the directors appointed by the governor, and the executive committee shall include at least one of the directors appointed by the temporary president of the senate and at least one of the directors appointed by the speaker of the assembly. 2. Members of the board of directors shall serve without compensation for their services, but publicly appointed members of the board shall be entitled to reimbursement from the franchised corporation for actual and necessary expenses incurred in the performance of their official duties. 3. Members of the board of directors, except as otherwise provided by law, may engage in private employment, or in a profession or business, however no member shall have any direct or indirect economic interest in any video lottery gaming facility, excluding incidental benefits based on purses or awards won in the ordinary conduct of racing operations, or any direct or indirect interest in any development undertaken at the racetracks of the state racing franchise. 4. The affirmative vote of a majority of members of the board of directors shall be necessary for the transaction of any business or the exercise of any power or function of the franchised corporation. The franchised corporation may delegate on an annual basis to one or more of its members, or its officers, agents or employees, such powers and duties as it may deem proper. * NB Effective upon confirmation of NYRA plan of reorganization.
