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California CodesBusiness and Professions Code - BPCDivision 8 — Special Business RegulationsChapter 4 — Horse RacingArticle 4 — Licenses for Track OperatorsSection 19491.6

Except as provided in subdivision (b) of Section 19612, the exempt amount retained by the association shall be regularly deposited in a separate account with a depository approved by the board. The funds deposited shall be distributed as purses.

Notes

Requires a racing association to regularly deposit its retained exempt amount into a separate account at a board-approved depository, except as provided by the referenced subdivision. Requires the funds deposited in that separate account to be distributed as purses rather than retained or used for another stated purpose.

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Lexinter.net | California Code, Business and Professions Code - BPC § 19491.6 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-8/chapter-4/article-4/section-19491-6

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