§ 23-110-307 - Franchise granted prior to July 1, 1957.
23-110-307. Franchise granted prior to July 1, 1957.
(a) Any franchise granted prior to July 1, 1957, to conduct horse racing in this state is validated, and the action of the authority granting the franchise is ratified and confirmed.
(b) Whether or not the franchise has been granted for a definite period of time, the holder of such a franchise shall, upon the payment of an additional franchise fee in the amount of ten thousand dollars ($10,000) and the surrender of the franchise now held by it, be granted by the Arkansas Racing Commission a franchise for horse racing in the county covered by the surrendered franchise. This franchise shall continue in effect so long as the holder thereof shall comply with all applicable laws of this state relating to horse racing or until the rights thereunder shall terminate by operation of law making horse racing unlawful in the area covered by the franchise or until the forfeit of the franchise by the holder thereof.