The purpose for which this corporation is formed is to conduct an association not for profit for:
The promotion of the thoroughbred horse industry in the State of Ohio;
For the improvement of the breed in the State;
For the improvement of the quality of thoroughbred racing in the State;
And for such other purposes incident thereto as shall be reasonable and proper.
In carrying out the foregoing purposes the corporation shall have full power to perform such acts as a natural person may do and as are conferred by the laws of the State of Ohio, but this corporation shall never engage in any activity prohibited by valid law, regulation or decree of either Federal or State authority.