The proposed legislation establishes the Louisiana Equestrian Corporation under Part VI of Chapter 4 of Title 4 of the Louisiana Revised Statutes. This corporation aims to promote and enhance the equine industry in Louisiana, acknowledging its economic significance through activities such as racing, breeding, and farming. The bill outlines the corporation's objectives, which include preserving equestrian culture, stimulating economic development, increasing employment opportunities, and fostering collaboration between public and private sectors in equestrian research and development.

Governance of the corporation will be overseen by an eleven-member board of directors, which includes representatives from the Horsemen's Benevolent and Protective Association and local parish presidents. The corporation is empowered to sue, enter contracts, accept donations, and manage equine facilities, while ensuring that board members are not personally liable for the corporation's debts. The legislation mandates transparency by requiring the board to provide written public notice of any intended sale or lease at least thirty days in advance. Additionally, upon dissolution of the corporation, all assets will be transferred to the state, safeguarding public interests.