Racing

RACING. Initiative measure. Creates board, appointed by Governor, to regulate and license horse racing and Pari-Mutuel betting within race track enclosure; limits racing period at each track; prohibits licensing racing at tracks constructed, without board\u27s approval, after November 1, 1926; limits licensee\u27s return to nine per cent on capital invested; prescribes as license fees five hundred dollars each race day and licensee\u27s net profits above return allowed; appropriates fees to board\u27s salaries and expenses, dividing balance equally between Veterans\u27 Welfare Board and State Agricultural Board; authorizes licenses for limited period at county fairs or agricultural exhibits