N.Y. BNK Law § 228-E

§ 228-e. New York specialized small business investment company; board\nof directors. 1. The corporate powers of the New York specialized small\nbusiness investment companies shall be exercised by a board of\ndirectors, which shall consist of thirty persons, all of whom shall be\nof full age, citizens of the United States, and residents of this state.\nOf the thirty members of the board of directors, twenty shall be\nselected by the voting shareholders and ten shall be selected by the\ngovernor, two upon the recommendation of the president pro tem of the\nNew York state senate, one upon recommendation of the senate minority\nleader, two upon the recommendation of the speaker of the New York state\nassembly and one upon 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 specialized small business investment company from serving as a\ndirector of the New York small business investment company nor prevent\nthe president of the NYSSBIC from serving as the president of the\nNYSBIC.\n