N.Y. Banking Law § 228-d: New York small business investment company; board of directors

§ 228-d. New York small business investment company; board of

directors. 1. The corporate powers of the New York small business

investment companies shall be exercised by a board of directors, which

shall consist of thirty persons, all of whom shall be of full age,

citizens of the United States, and residents of this state. Of the

thirty members of the board of directors, twenty shall be selected by

the voting shareholders and ten shall be selected by the governor, two

upon the recommendation of the president pro tem of the New York state

senate, one upon recommendation of the senate minority leader, two upon

the recommendation of the speaker of the New York state assembly and one

upon recommendation of the assembly minority leader.

2. The president of the investment company shall be elected by a

majority of the board of directors.

3. Nothing contained in this section shall prevent a director of the

New York small business investment company from serving as a director of

the New York specialized small business investment company nor prevent

the president of the NYSBIC from serving as the president of the

NYSSBIC.