Fair associations or corporations that now conduct annual agricultural fairs in Vermont, or Vermont corporations that wish to conduct extended race meetings, with a percentage designated for the benefit of the Racing Special Fund established pursuant to section 630 of this title, shall be eligible to apply for a license. An eligible association or corporation desiring to hold a running or harness horse race or meet for public exhibition at which pari-mutuel pools are to be sold, shall apply to the Commission to do so. Every fair association or corporation conducting horse racing or meets at which pari-mutuel pools are to be sold under license from the Commission shall give a bond in a sum not to exceed $75,000.00 as shall be determined by the Commission, with good and sufficient surety or sureties, conditioned upon the faithful performance of its duties and obligations to the State of Vermont as prescribed by this chapter. (Added 1959, No. 259, § 3; amended 1973, No. 233 (Adj. Sess.), § 4, eff. April 3, 1974; 1995, No. 12, § 5, eff. April 5, 1995; 2017, No. 74, § 128.)