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This entry was published on 2014-09-22
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New York state venture capital program
Retirement & Social Security (RSS) CHAPTER 51-A, ARTICLE 9
§ 423-b. New York state venture capital program. The comptroller is
hereby authorized to establish within the common retirement fund a New
York state venture capital program for the purpose of investing in
qualified businesses as defined in paragraph six of subdivision (a) of
section eleven of the tax law. The comptroller is authorized to invest
up to two hundred fifty million dollars of assets of the common
retirement fund to carry out the purposes of this section. The
comptroller may make investments pursuant to this section in
partnerships, corporations, trusts or limited liability companies
organized on a for-profit basis that enter into agreements to invest the
moneys of the New York state venture capital program in qualified
businesses. The comptroller shall make such investments consistent with
the provisions of paragraph (b) of subdivision nine of section one
hundred seventy-seven of this chapter. The comptroller may establish
procedures necessary to insure that investments of moneys of the New
York state venture capital program are, for each investment in a
qualified business, equitably matched by investments made by other
sources. The comptroller shall, to the maximum extent practicable,
insure that the geographic distribution of investments in the program is
in proportion to the state population.