(a) The Racing Commission shall, after the certification of the results of such local option election, issue such construction permit if a majority of the legal votes cast at such election were in favor of the issuance of a construction permit. If a majority of the legal votes cast at such election were opposed to the issuance of a construction permit, the commission shall not issue a construction permit.
(b) A construction permit issued as aforesaid shall remain valid only for a three-month period, except that if the Racing Commission is satisfied that the construction permit holder has in good faith started and is continuing construction of the proposed horse or dog racetrack, the Racing Commission may extend the construction permit for additional successive three-month periods, but in no event shall the aggregate time of such construction permit exceed a period of twenty-four months from the date of the issuance of the construction permit.
(c) No construction permit which may be or has been issued under provisions of this article or the former provisions of this article shall be transferred or assigned in any manner whatever without the written consent of the Racing Commission.
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