N.Y. Banking Law § 228-d

§ 228-d. New York small business investment company; board of\ndirectors. 1. The corporate powers of the New York small business\ninvestment companies shall be exercised by a board of directors, which\nshall consist of thirty persons, all of whom shall be of full age,\ncitizens of the United States, and residents of this state. Of the\nthirty members of the board of directors, twenty shall be selected by\nthe voting shareholders and ten shall be selected by the governor, two\nupon the recommendation of the president pro tem of the New York state\nsenate, one upon recommendation of the senate minority leader, two upon\nthe recommendation of the speaker of the New York state assembly and one\nupon recommendation of the assembly minority leader.\n 2. The president of the investment company shall be elected by a\nmajority of the board of directors.\n 3. Nothing contained in this section shall prevent a director of the\nNew York small business investment company from serving as a director of\nthe New York specialized small business investment company nor prevent\nthe president of the NYSBIC from serving as the president of the\nNYSSBIC.\n