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This entry was published on 2014-09-22
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§ 228-b. Definitions. As used in this article, the following terms and
abbreviations shall have the meanings indicated:

1. "NYSBIC" means the New York small business investment company which
shall be organized and operated in conformity with Section 301(c) and
applicable regulations.

2. "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.

3. "Highly distressed area" means: (a) a census tract or tracts or
block numbering area or areas or such census tract or block numbering
area contiguous thereto which, according to the most recent census data
available, has:

(i) a poverty rate of at least twenty percent for the year to which
the data relates or at least twenty percent of the households receiving
public assistance; and

(ii) an unemployment rate of at least one and twenty-five one
hundredths times the statewide unemployment rate for the year to which
the data relates; or

(b) a city, town, village or county within a city with a population of
one million or more for which: (i) the ratio of the full value property
wealth, as determined by the comptroller for the year nineteen hundred
ninety, per resident to the statewide average full value property wealth
per resident; and (ii) the ratio of the income per resident, as shown in
the nineteen hundred ninety census to the statewide average income per
resident; are each fifty-five percent or less of the statewide average.

4. "Investment companies" means the NYSBIC and the NYSSBIC

5. "Section 301(c)" means Section 301(c) of Title III, 15 U.S.C.

6. "Section 301(d)" means Section 301(d) of Title III, 15 U.S.C.

7. "Title III" means Title III of the Small Business Investment Act of
1958, United States Pub. L. 85-699 (as amended).

8. "Voting shareholders" means those shareholders of the NYSBIC or the
NYSSBIC that contribute to the capitalization and ongoing funding of the
investment companies.