N.Y. Banking Law § 228-a: Establishment

§ 228-a. Establishment. 1. A small business investment company to be

known as the "New York small business investment company," shall be

organized under the business corporation law and operated so as to

qualify for licensing under Section 301(c) and applicable regulations. A

specialized small business investment company to be known as the "New

York specialized small business investment company," shall be organized

under the business corporation law and operated so as to qualify for

licensing under Section 301(d) and applicable regulations. The corporate

structure, organization, and activities of the NYSBIC and the NYSSBIC

shall be in conformity with the requirements of Title III and 13 C.F.R.

Pt. 107.

2. The business corporation law shall apply to the NYSBIC and the

NYSSBIC, except that in case of a conflict between the business

corporation law and this article, the provisions of this article shall

govern. If there is in this article a provision relating to a matter

embraced in the business corporation law and not in conflict therewith,

both provisions shall apply.

3. The governor, in consultation with the president pro tem of the

senate and the speaker of the assembly, on behalf of the people of the

state of New York, the New York business development corporation, and

the voting shareholders, on or before April thirtieth, nineteen hundred

ninety-four, shall enter into a memorandum of understanding on an agreed

upon plan for establishing the NYSBIC and the NYSSBIC, including the

legal, organizational and financial structure of the NYSBIC and the

NYSSBIC.