(a) (1) The Commission shall issue a license to the Cecil County Breeders’ Fair, Inc., or its successor to hold racing on not more than 8 one-day race meetings a year for steeplechase, hurdle, or flat racing at the Fair Hill Natural Resources Management Area.

(2) The racing shall be held on dates that the licensee chooses and the Commission approves.

(b) In conjunction with this racing, an agricultural fair with livestock entered for exhibition may be held under the auspices of the State Fair Board on at least 1 racing day.

(c) An officer of the licensee may not receive a salary or dividends from racing allowed under this subtitle.