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Statutes » New York » BNK Law » Article 5-D

N.Y. BNK Law § 228-D

This is the official text of N.Y. BNK Law § 228-D, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.

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New York small business investment company; board of directors

Official statutory text

§ 228-d. New York small business investment company; board of\ndirectors. 1. The corporate powers of the New York small business\ninvestment companies shall be exercised by a board of directors, which\nshall consist of thirty persons, all of whom shall be of full age,\ncitizens of the United States, and residents of this state. Of the\nthirty members of the board of directors, twenty shall be selected by\nthe voting shareholders and ten shall be selected by the governor, two\nupon the recommendation of the president pro tem of the New York state\nsenate, one upon recommendation of the senate minority leader, two upon\nthe recommendation of the speaker of the New York state assembly and one\nupon recommendation of the assembly minority leader.\n 2. The president of the investment company shall be elected by a\nmajority of the board of directors.\n 3. Nothing contained in this section shall prevent a director of the\nNew York small business investment company from serving as a director of\nthe New York specialized small business investment company nor prevent\nthe president of the NYSBIC from serving as the president of the\nNYSSBIC.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.