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§ 11-520. Preakness Stakes transfer or sale

West's Annotated Code of MarylandBusiness RegulationEffective: April 14, 2009

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 5. Thoroughbred Racing
Part II. Mile Thoroughbred Racing
Effective: April 14, 2009
MD Code, Business Regulation, § 11-520
§ 11-520. Preakness Stakes transfer or sale
(a) The requirements of this section are established in recognition of the significance of the Preakness Stakes to the State.
(b) The Preakness Stakes may be transferred to another track in the State only as a result of a disaster or emergency.
(c) If the Preakness Stakes is transferred out of the State, the Commission may:
(1) revoke any racing days awarded to the Maryland Jockey Club of Baltimore City, Inc., or its successor; and
(2) award these racing days to another licensee, notwithstanding § 11-511(b) of this subtitle.
(d)(1) If the Preakness Stakes is offered for sale, the State has the option to buy the Preakness Stakes for the amount of any offer that the licensee wishes to accept.
(2) Within 30 days after receiving an offer that it wishes to accept, the licensee shall give the State notice of the offer.
(3) If the State wishes to exercise the option, it shall so notify the licensee within 60 days after it receives the notice.

Credits

Acts 1992, c. 4, § 2. Amended by Acts 2009, c. 3, § 1, eff. April 14, 2009.
Formerly Art. 78B, §§ 7, 11.

Editors' Notes

LEGISLATIVE NOTES
Revisor's Note (Acts 1992, c. 4):
This section is new language derived without substantive change from former Art. 78B, §§ 7(f) and 11(b)(3)(i) and (iii).
In subsection (a) of this section, the former phrase “in addition to any action that the Maryland Racing Commission may take under § 7 of this article” is deleted as unnecessary because it is implicit that the provisions of this section are in addition to all other provisions of this title.
In subsection (d)(1) of this section, the phrase “for the amount of any offer that the licensee wishes to accept” is substituted for the former phrase “first refusal of any bona fide offer” to avoid triggering notice and matching offer requirements when they are needless.
Similarly, in subsection (d)(2) of this section, the clause “that it wishes to accept” is added.
The Business Regulation Article Review Committee notes, for consideration by the General Assembly, that the provision about the matching offer that the State may make under subsection (d)(3) of this section is silent about how the money is to be budgeted and approved by the General Assembly and Governor.
Defined terms: “Commission” § 11-101
“Licensee” § 11-101
“Track” § 11-101
HISTORICAL AND STATUTORY NOTES
2009 Legislation
Acts 2009, c. 3, §§ 2 and 3, provide:
“SECTION 2. AND BE IT FURTHER ENACTED, That the Maryland Economic Development Corporation, in accordance with § 2-1246 of the State Government Article, shall report monthly to the Senate Budget and Taxation Committee, the House Environmental Matters Committee, and the Legislative Policy Committee on the status of the State's business plan regarding the management and disposition of any assets acquired under this Act.
“SECTION 3. AND BE IT FURTHER ENACTED, That if the Maryland Economic Development Corporation acquires property under this Act, the Corporation shall, before disposing of the property, consult with the Governor, the President of the Senate, the Speaker of the House of Delegates, the State Comptroller, the State Treasurer, and the Minority Leaders of the Senate and the House of Delegates concerning the disposition of the property.”
MD Code, Business Regulation, § 11-520, MD BUS REG § 11-520
Current through legislation effective June 1, 2019, from the 2019 Regular Session of the General Assembly.
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