§ 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.