A horse owned by a partnership in which the number of members or proportionate interest of any member does not meet the requirements of section 4220.1 may be entered and run only by a lessee of its racing qualities, which lessee shall be an individual or a partnership in which the number of members and the proportionate interest of every member meets the requirements of section 4220.1. In such a case, the lessee may be a member of or may include one or more members of the owning partnership.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 4220.2