Virginia Code 59.1-372: Virginia Breeders Fund.
There is hereby created within the State Treasury the Virginia Breeders Fund, which Fund, together with the interest thereon, shall be administered in whole or in part by the Commission or by an entity designated by the Commission. The cost of administering and promoting the Fund shall be deducted from the Fund, and the balance shall be disbursed by the Commission or designated entity to the breeders of Virginia-bred horses that finish first, second, or third in races at race meetings designated by the Commission, to the owners of Virginia sires of Virginia-bred horses that finish first, second, or third in races at race meetings designated by the Commission, to the owners of Virginia-bred horses that win or earn purse money in nonrestricted races at racetracks in Virginia licensed by the Commission, to the owners of Virginia-bred horses that win races at race meetings designated by the Commission and for purses for races restricted to Virginia-bred or Virginia-sired horses or both at race meetings designated by the Commission. To assist it in establishing this awards and incentive program to foster the industry of breeding racehorses in Virginia, the Commission shall appoint an advisory committee composed of two members from each of the registered breed associations representing each breed of horse participating in the Fund program, one member representing the owners and operators of racetracks and one member representing all of the meets sanctioned by the National Steeplechase Association.
Terms Used In Virginia Code 59.1-372
- Commission: means the Virginia Racing Commission. See Virginia Code 59.1-365
- Member: includes any person designated a member of a nonstock corporation, and any person who by means of a pecuniary or other interest in such corporation exercises the power of a member. See Virginia Code 59.1-365
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Virginia Breeders Fund: means the fund established to foster the industry of breeding race horses in the Commonwealth of Virginia. See Virginia Code 59.1-365
1988, c. 855; 1993, c. 146; 1997, c. 798; 2002, c. 852; 2023, c. 356.