59.1-372 - Virginia Breeders Fund. - Virginia Statutes

§ 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 inwhole or in part by the Commission or by an entity designated by theCommission. The cost of administering and promoting the Fund shall bededucted from the Fund, and the balance shall be disbursed by the Commissionor designated entity to the breeders of Virginia-bred horses that win racesat race meetings designated by the Commission, to the owners of Virginiasires of Virginia-bred horses that win races at race meetings designated bythe Commission, to the owners of Virginia-bred horses that win or earn pursemoney in nonrestricted races at racetracks in Virginia licensed by theCommission, to the owners of Virginia-bred horses that win races at racemeetings designated by the Commission and for purses for races restricted toVirginia-bred or Virginia-sired horses or both at race meetings designated bythe Commission. To assist it in establishing this awards and incentiveprogram to foster the industry of breeding racehorses in Virginia, theCommission shall appoint an advisory committee composed of two members fromeach of the registered breed associations representing each breed of horseparticipating in the Fund program, one member representing the owners andoperators of racetracks and one member representing all of the meetssanctioned by the National Steeplechase Association.

(1988, c. 855; 1993, c. 146; 1997, c. 798; 2002, c. 852.)