§ 206. Franchise for running races and steeplechase meetings. 1. The\nfranchised corporation referred to in this chapter shall be a\nnot-for-profit corporation to be known as The New York Racing\nAssociation, Inc. To the extent that the provisions of the\nnot-for-profit corporation law do not conflict with the provisions of\nthis article, the not-for-profit corporation law shall apply to the\nfranchised corporation and the franchised corporation shall be a type C\ncorporation pursuant to the not-for-profit corporation law. If an\napplicable provision of this article relates to a matter embraced in a\nprovision of the not-for-profit corporation law but is not in conflict\ntherewith, both provisions shall apply. The franchised corporation shall\nperform its functions under a franchise agreement which, notwithstanding\nthe provisions of section one hundred twelve of the state finance law,\nshall not be subject to the approval required by such section, and such\nother agreements as may be necessary and appropriate and shall exercise\nits powers through a board of directors established under section two\nhundred seven of this article. The franchise confers the right and\nresponsibility to manage and operate all functions at the franchise\nracetracks including but not limited to and subject to appropriate\nracing laws and regulations the hiring and management of racing\nsecretaries, stewards, race officials, backstretch employees and other\nequine and racing related functions, establishing the purses, the stakes\nprogram and owner's relations, maintenance of the franchise racetracks\nand associated facilities, the selection of vendors for food, beverage\nand other concessions and such other activities approved by the\nfranchise oversight board. The franchised corporation, in its\ndiscretion, may permit utilization of the state racing franchise lands\nfor business purposes unrelated to racing, provided however that upon\nwritten notice from the franchise oversight board with respect to any\nsuch activity, the franchised corporation shall cease such utilization\nwithin thirty days in order to allow the franchise oversight board\napproved development or alternative uses approved by the franchise\noversight board. All franchise rights or interests in assets of the\nstate racing franchise including but not limited to leasehold interests\nshall be limited to the term of the franchise. Upon expiration,\ntermination or ending of the franchise by any other means provided by\nlaw, all franchise rights or interest granted to or held by the\nfranchised corporation shall cease and revert to the state.\n Notwithstanding any provisions of law to the contrary the franchised\ncorporation shall not conduct, manage or otherwise operate video lottery\ngaming activities on the lands of the state racing franchise.\n 2. The franchised corporation shall, upon acceptance of the franchise,\nfranchise agreements and all enumerated conditions, be granted a\nfranchise for a period of not more than twenty-five years, ending no\nlater than December thirty-first, two thousand thirty-three.\n 3. Upon acceptance of the franchise, the franchisee's corporate\nduration shall be made coterminous with the expiration, revocation or\nrelinquishment of such franchise. Such length of duration shall be\ndeemed to be incorporated within and made part of the certificate of\nincorporation of the franchised corporation and no amendment to such\ncertificate to incorporate any such provision shall be necessary to give\neffect to any such provision and that any provision contained within\nsuch certificate inconsistent in any manner with the provisions\ncontained within this section shall be null and void and cease to be of\neffect and shall be superseded by the provisions of this section. The\ndissolution provisions of articles ten and eleven of the not-for-profit\ncorporation law shall apply upon the expiration, revocation or\nrelinquishment of such franchise.\n 4. The franchis
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