On or before the first Monday in December of each year every person, association, or corporation conducting or simulcasting a race or race meet hereunder shall pay to the State Treasurer all monies collected during the year for pari-mutuel tickets which have not been redeemed. The monies shall be retained by the State Treasurer and he or she shall pay the amount due on any ticket to the holder thereof upon an order from the Commission. After the expiration of two years any such monies still in the custody of the State Treasurer shall become a part of the Racing Special Fund of the State. (Added 1959, No. 259, § 14; amended 1985, No. 200 (Adj. Sess.), § 4, eff. May 30, 1986.)