Section 302. Incorporation

Any number of persons, not less than five, may
  become a corporation for the purpose of conducting  harness  horse  race
  meetings  at  which  pari-mutuel betting will be conducted, with all the
  general powers of corporations created under the laws of this state,  by
  making,  signing,  acknowledging  and  filing  a certificate which shall
  contain:
    1. The name of the proposed corporation.
    2. The objects for which it is to be formed and the location at  which
  it is proposed to conduct its business.
    3. The amount and description of the capital stock.
    4. The location of its principal business office.
    5. Its duration.
    6.  The  number  of  its  directors,  not less than five nor more than
  thirteen.
    7. The names and post office addresses of the directors for the  first
  year.
    8. The post office addresses of the subscribers and a statement of the
  number of shares of stock which each agrees to take in the corporation.
    No  certificate of incorporation under this section shall hereafter be
  filed without the approval  of  the  state  racing  and  wagering  board
  indorsed thereon or annexed thereto.
    No  corporation  organized  pursuant  to  this  article or operating a
  harness horse race meet pursuant to  the  provisions  of  section  three
  hundred  four of this article, shall have or be given the right or power
  to conduct any harness horse race meet pursuant to this  article  except
  at  the  location  designated in its certificate of incorporation as the
  place at which it was proposed to conduct its business, or at the  place
  or places where it is presently licensed to conduct a harness horse race
  meet  or  meetings  by  the  state  racing and wagering board; provided,
  however, that this restriction shall not apply to any  such  corporation
  or  association  whose  racing plant or the usefulness thereof or of any
  material part thereof, in the discretion of the board,  shall,  for  any
  reason beyond the control of such corporation or association, be totally
  destroyed  or  so  substantially interfered with or damaged as to render
  same  unfit  for  continued  operation.  Pending  the   rebuilding,   or
  restoration  of  its usefulness or the making of the required repairs to
  said plant or the part thereof so destroyed or damaged, the state racing
  and wagering board  may  license  such  corporation  or  association  to
  conduct its harness horse race meetings at any other suitable location.