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

§ 228-e. New York specialized small business investment company; board

of directors. 1. The corporate powers of the New York specialized 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 specialized small business investment company from serving as a

director of the New York small business investment company nor prevent

the president of the NYSSBIC from serving as the president of the

NYSBIC.