California CodesBusiness and Professions Code - BPCDivision 8 — Special Business RegulationsChapter 4 — Horse RacingArticle 7 — Charity Racing DaysSection 19557
Within the 12-month period specified in Section 19555, and prior to the payment of any charity days’ net proceeds to any beneficiary, the distributing agent shall submit the name of the beneficiary to the board for the board’s approval.
If the board does not disapprove of the beneficiary within 60 days after the submission, its approval shall be deemed to have been given.
Notes
Requires a distributing agent, within the applicable 12-month distribution period and before paying any charity-day net proceeds to a beneficiary, to submit that beneficiary's name to the board for approval. Sets automatic approval if the board does not disapprove the beneficiary within 60 days after submission.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 19557 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-8/chapter-4/article-7/section-19557