The proposed legislation establishes the Louisiana Equestrian Corporation under Part VI of Chapter 4 of Title 4 of the Louisiana Revised Statutes. This corporation is designed to promote and protect the equine industry in Louisiana, which encompasses racing, breeding, and farming, acknowledging its significant economic impact on the state. The bill outlines the corporation's purpose, functions, and powers, including promoting equestrian training, stimulating economic development, and increasing employment opportunities. It also details the structure of the board of directors, consisting of eleven members, including representatives from the Horsemen's Benevolent and Protective Association and various parishes, as well as appointees from the governor.

Furthermore, the bill grants the corporation various powers, such as the ability to sue and be sued, adopt bylaws, enter contracts, and manage financial resources, including accepting donations and incurring debt. It specifies that board members will not be personally liable for the corporation's debts and clarifies that the corporation's obligations do not constitute a debt of the state or any political subdivision. The legislation mandates that the board provide written public notice of its intention to finalize a sale or lease at least thirty days prior to the action, ensuring transparency. Additionally, it stipulates that upon dissolution of the corporation, all assets will be transferred to the state, safeguarding public interests.