Marvin Mandel, Governor                          1867

successive years, the days assigned or assignable to such licensee shall
revert to the State for further assignment by a legislative enactment.

Sec. 2. And be it further enacted, That new Section 28 through

33 under a new subtitle "Non Profit Racing Corporations" be and

Section 27A thereof, of the Annotated Code of Maryland (1965 1969
Replacement Volume) title "Racing Commission" and to read as
follows:

28.

(a) With the prior approval of the Maryland Racing Commission,
as hereinafter provided for, a non profit racing corporation may be
incorporated under the General Corporation Laws of this State codi-
fied as Article 23 of the Annotated Code of Maryland (1957 Edition,
as amended) for the purpose of conducting thoroughbred or harness
racing or both, improving racing facilities, increasing the conveni-

ences available to patrons, serving the best interests of racing, and

improving the breed of horses.

(b) The certificate of incorporation of any non profit racing cor-
poration hereinafter approved by the Racing Commission must con-
tain the following conditions and limitations:

1. The name of the proposed corporation.

2. The objects for which it is to be formed.

3. The location of its principal business office.

4. The amount and description of its capital stock.

5. The number of shares of which the capital stock shall consist,

each of which shares shall have a par value of not less than five or

more than one hundred dollars.

6. The post office addressee of the subscribers to share of stocks

and a statement of the number of shares of stock which each agrees
to take in the corporation.

7. The number of its trustees, which shall be not less than seven

or more than fifteen, each of whom shall be a stockholder having at

least five shares of stock and a majority of whom shall be residents

of Maryland.

8. The names and post office addresses of the trustees to serve for
the first year.

9. The provision that at least five in number of the trustees of the

non-profit racing corporation shall be elected annually and that per-

sons nominated to fill vacancies in the board of trustees shall be
approved by the Maryland Racing Commission, which approval shall

not be unreasonably withheld; and the further provision that, upon

request of the commission, the board of trustees or the stockholders
of the corporation shall remove or dismiss, after specification of and

hearing on charges, any trustee or executive officer of the corpora-

tion for inefficiency, neglect of duty, misconduct or malfeasance in

office or waste or action considered not to be in the best of interests of

racing generally, and no trustee or executive officer so removed or

dismissed shall have any claim against the commission or the board

of trustees or the stockholder of the corporation by reason of such

removal or dismissal.