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Statutes » New York » PML Law » Article 6

N.Y. PML Law § 609-A

This is the official text of N.Y. PML Law § 609-A, part of New York’s PML Law — part of the compiled statutory law of New York, published by the state as "PML Law." Browse the sections below, each linked to its official government source.

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Capital acquisition fund

Official statutory text

§ 609-a. Capital acquisition fund. The corporation may create and\nestablish a capital acquisition fund for the purpose of financing the\nacquisition, construction or equipping of offices, facilities or\npremises of the corporation. Such capital acquisition fund shall consist\nof (i) the amounts specified pursuant to subdivision three-a of section\nfive hundred thirty-two of this chapter; and (ii) contributions from the\ncorporation's pari-mutuel wagering pools, subject to the following\nlimitations:\n (1) no contribution shall exceed the amount of one percent of the\ntotal pari-mutuel wagering pools for the quarter in which the\ncontribution is made;\n (2) no contribution shall reduce the amount of quarterly net revenues,\nexclusive of surcharge revenues, to an amount less than fifty percent of\nsuch net revenues; and\n (3) the balance of the fund shall not exceed the lesser of one percent\nof total pari-mutuel wagering pools for the previous twelve months or\nthe undepreciated value of the corporation's offices, facilities and\npremises.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.