No organization license shall be granted:
1. to any applicant if the applicant or a person owning an interest in the applicant:
2. to any person who, at the time of application for the organization license, does not own a finished racetrack or have architectural plans and specifications approved by the Commission for a racetrack which is suitable for the type of racing intended to be held by the applicant and for the accommodation and safety of the public and the horses.
Added by Laws 1983, c. 11, § 20, emerg. eff. March 22, 1983.