N.Y. BNK Law § 228-A

§ 228-a. Establishment. 1. A small business investment company to be\nknown as the "New York small business investment company," shall be\norganized under the business corporation law and operated so as to\nqualify for licensing under Section 301(c) and applicable regulations. A\nspecialized small business investment company to be known as the "New\nYork specialized small business investment company," shall be organized\nunder the business corporation law and operated so as to qualify for\nlicensing under Section 301(d) and applicable regulations. The corporate\nstructure, organization, and activities of the NYSBIC and the NYSSBIC\nshall be in conformity with the requirements of Title III and 13 C.F.R.\nPt. 107.\n 2. The business corporation law shall apply to the NYSBIC and the\nNYSSBIC, except that in case of a conflict between the business\ncorporation law and this article, the provisions of this article shall\ngovern. If there is in this article a provision relating to a matter\nembraced in the business corporation law and not in conflict therewith,\nboth provisions shall apply.\n 3. The governor, in consultation with the president pro tem of the\nsenate and the speaker of the assembly, on behalf of the people of the\nstate of New York, the New York business development corporation, and\nthe voting shareholders, on or before April thirtieth, nineteen hundred\nninety-four, shall enter into a memorandum of understanding on an agreed\nupon plan for establishing the NYSBIC and the NYSSBIC, including the\nlegal, organizational and financial structure of the NYSBIC and the\nNYSSBIC.\n