Section 303-A. Non-managing ownership of standardbred horses

(a) For
  purposes of this section, a managing  owner  shall  mean  a  person  who
  through  ownership,  lease  or designation manages all racing activities
  for a race horse and  is  personally  responsible  for  all  liabilities
  arising therefrom.
    (b)  Non-managing  owners. There shall be no restriction on the number
  of non-managing owners of a race horse except that  no  horse  shall  be
  entered  or started which is owned by thirty-five or fewer owners unless
  all such owners are licensed; in the event that a horse is owned by more
  than thirty-five owners, only those individuals having a  three  percent
  or  greater  property  interest  in  such  horse shall be required to be
  licensed as an owner.
    The board shall adopt rules and  regulations  regarding  ownership  of
  horses not inconsistent with this section.