Section 415. Bond required of corporation or association conducting pari-mutuel betting

Every corporation or association  licensed  by  the
  state  racing  and wagering board to conduct quarter horse race meetings
  at which pari-mutuel betting shall be permitted, annually and before the
  opening of any race meeting  shall  execute  and  file  with  the  state
  comptroller  a  bond to this state in a penalty to be fixed by the state
  tax commission not exceeding two hundred fifty  thousand  dollars,  with
  sureties  approved  by the attorney general, that it will keep its books
  and records and  make  reports  as  required  by  sections  two  hundred
  twenty-two  through seven hundred five of this chapter, that it will pay
  to the state all  taxes  imposed  by  sections  two  hundred  twenty-two
  through  seven  hundred five of this chapter, that it will distribute to
  the patrons of pari-mutuel pools conducted  by  it  all  sums  due  upon
  presentation of winning tickets held by them, and that it will otherwise
  comply  with  all  of  the provisions of sections two hundred twenty-two
  through seven hundred five of  this  chapter  and  with  the  rules  and
  regulations  prescribed  by  the state racing and wagering board and the
  state tax commission.