2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 9 - (420 - 425) COMMON RETIREMENT FUND
423-B - New York state venture capital program.

 
    §  423-b.  New  York state venture capital program. The comptroller is
  hereby authorized to establish within the common retirement fund  a  New
  York  state  venture  capital  program  for  the purpose of investing in
  qualified businesses as defined in paragraph six of subdivision  (a)  of
  section  eleven  of the tax law. The comptroller is authorized to invest
  up to two  hundred  fifty  million  dollars  of  assets  of  the  common
  retirement  fund  to  carry  out  the  purposes  of  this  section.  The
  comptroller  may  make  investments  pursuant   to   this   section   in
  partnerships,   corporations,  trusts  or  limited  liability  companies
  organized on a for-profit basis that enter into agreements to invest the
  moneys of the New  York  state  venture  capital  program  in  qualified
  businesses.  The comptroller shall make such investments consistent with
  the provisions of paragraph (b)  of  subdivision  nine  of  section  one
  hundred  seventy-seven  of  this  chapter. The comptroller may establish
  procedures necessary to insure that investments of  moneys  of  the  New
  York  state  venture  capital  program  are,  for  each  investment in a
  qualified business, equitably  matched  by  investments  made  by  other
  sources.  The  comptroller  shall,  to  the  maximum extent practicable,
  insure that the geographic distribution of investments in the program is
  in proportion to the state population.