(a) For purposes of this section, a managing owner shall mean a person who through
ownership, lease or designation manages all racing activities for a race horse and
is personally responsible for all liabilities arising therefrom.
(b) Non-managing owners. There shall be no restriction on the number of non-managing owners of a race horse
except that no horse shall be entered or started which is owned by thirty-five or
fewer owners unless all such owners are licensed; in the event that a horse is owned
by more than thirty-five owners, only those individuals having a three percent or
greater property interest in such horse shall be required to be licensed as an owner.
The board shall adopt rules and regulations regarding ownership of horses not inconsistent
with this section.
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