N.Y. Comp. Codes R. & Regs. tit. 9 § 4250.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4250.3 - Interest bearing account

(a) Two percent of all monies accruing respectively to the Agriculture and New York State Horse Breeding Development Fund (harness fund) and the New York State Thoroughbred Breeding and Development Fund, Inc. (thoroughbred fund) for the purpose of conducting equine research shall be deposited by such funds in a special interest bearing account, title to which shall be in New York State Veterinary College at Cornell and control over which shall be in the commission through the committee. Withdrawals from such accounts will be made only upon the authorization of the committee, and the signatures of two of the committee's members as designated by the committee. All monies accrued by the thoroughbred or harness funds shall be deposited monthly within one month of its accrual by the harness fund and thoroughbred fund, and notice thereof shall be forwarded to the committee and this commission.

(b) On or before January 1st and July 1st of each year, the harness fund and the thoroughbred fund shall provide to the committee and this commission a certified statement of amounts then deposited to the credit of the committee and a projection of funds to be deposited to the credit of such committee for the subsequent six-month period.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4250.3