2016 New York Laws
BNK - Banking
Article 5-D - (Banking) SMALL BUSINESS INVESTMENT COMPANIES
228-A - Establishment.

 228-a.  Establishment.  1. A small business investment company to be
  known as the "New York small  business  investment  company,"  shall  be
  organized  under  the  business  corporation  law  and operated so as to
  qualify for licensing under Section 301(c) and applicable regulations. A
  specialized small business investment company to be known  as  the  "New
  York  specialized small business investment company," shall be organized
  under the business corporation law and operated so  as  to  qualify  for
  licensing under Section 301(d) and applicable regulations. The corporate
  structure,  organization,  and  activities of the NYSBIC and the NYSSBIC
  shall be in conformity with the requirements of Title III and 13  C.F.R.
  Pt. 107.
2.  The  business  corporation  law  shall apply to the NYSBIC and the
  NYSSBIC, except  that  in  case  of  a  conflict  between  the  business
  corporation  law  and this article, the provisions of this article shall
  govern. If there is in this article a provision  relating  to  a  matter
  embraced  in the business corporation law and not in conflict therewith,
  both provisions shall apply.
3. The governor, in consultation with the president  pro  tem  of  the
  senate  and  the speaker of the assembly, on behalf of the people of the
  state of New York, the New York business  development  corporation,  and
  the  voting shareholders, on or before April thirtieth, nineteen hundred
  ninety-four, shall enter into a memorandum of understanding on an agreed
  upon plan for establishing the NYSBIC and  the  NYSSBIC,  including  the
  legal,  organizational  and  financial  structure  of the NYSBIC and the
  NYSSBIC.