Section 404. Right to hold quarter horse race meetings and races

Any
  corporation formed under the provisions of the pari-mutuel revenue  law,
  and  any  corporation and association which shall have conducted quarter
  horse race meetings during two years  prior  to  the  enactment  of  the
  pari-mutuel  revenue  law,  and  any  town or county fair association or
  other fair association shall have the power and the right to hold one or
  more quarter horse race meetings in each year and to hold, maintain  and
  conduct quarter horse races at such meetings. At such quarter horse race
  meetings the corporation or association, or the owners of horses engaged
  in  such  races,  or  others  who  are not participants in the race, may
  contribute purses, prizes, premiums or stakes to be contested  for,  but
  no person or persons other than the owner or owners of a horse or horses
  contesting  in  a  race  shall  have  any pecuniary interest in a purse,
  prize, premium or stake contested for in such race, or be entitled to or
  receive any portion thereof after such race is finished, and  the  whole
  of  such  purse, prize, premium or stake shall be allotted in accordance
  with the terms and conditions of such race. Such meeting  shall  not  be
  held except during the period extending from the first day of January to
  the thirty-first day of December, inclusive in each year. Such power and
  right,  however,  shall  not  include  the  right to conduct pari-mutuel
  betting at such quarter horse race meetings except pursuant  to  license
  granted  by the state racing and wagering board pursuant to sections two
  hundred twenty-two through seven hundred five of this chapter.