2016 New York Laws
BNK - Banking
Article 5-D - (Banking) SMALL BUSINESS INVESTMENT COMPANIES
228-D - New York small business investment company; board of directors.

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