New York § 228-B - 228-BDefinitions
Full text of New York New York Consolidated Laws § 228-B — 228-BDefinitions, with citation guidance and answers to common questions.
§ 228-B. 228-BDefinitions
§ 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 collectively. 5. "Section 301(c)" means Section 301(c) of Title III, 15 U.S.C. 681(c). 6. "Section 301(d)" means Section 301(d) of Title III, 15 U.S.C. 681(d). 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.
Frequently Asked Questions About New York § 228-B
What does New York Consolidated Laws § 228-B cover?
Section 228-B ("228-BDefinitions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 228-B?
A common citation format is "New York Consolidated Laws § 228-B" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 228-B apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.