§ 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.