§ 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. § part 107.

Terms Used In N.Y. Banking Law 228-A

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • NYSBIC: means the New York small business investment company which shall be organized and operated in conformity with Section 301(c) and applicable regulations. See N.Y. Banking Law 228-B
  • NYSSBIC: means the New York specialized small business investment company which shall be organized and operated in conformity with Section 301(d) and applicable regulations. See N.Y. Banking Law 228-B
  • Title III: means Title III of the Small Business Investment Act of 1958, United States Pub. See N.Y. Banking Law 228-B
  • Voting shareholders: means those shareholders of the NYSBIC or the NYSSBIC that contribute to the capitalization and ongoing funding of the investment companies. See N.Y. Banking Law 228-B

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.

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