1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the 'minority and women-owned business enterprise fund'. 2. Such funds shall consist of all moneys appropriated for the purpose of such fund, all moneys transferred or paid to such fund pursuant to law, including pursuant to section three hundred sixteen of the executive law, and contributions consisting of grants, including grants or other financial assistance from any agency of government and all moneys required by the provisions of this section or any other law to be paid into or credited to this fund. 3. Monies of the fund, following appropriation by the legislature, shall be expended by the appropriate New York state offices, agencies, or authorities to acquire software, employ personnel to audit, investigate and prosecute minority and women-owned business enterprise fraud and to underwrite minority and women-owned business enterprise programs to assist minority and women business enterprise owners to develop sustainable businesses, provided that expenditures for such and to underwrite minority and women-owned business enterprise programs to assist minority and women business enterprise owners to develop sustainable businesses, provided that expenditures for such activities shall only be required under this section to the extent that monies are available in the fund to support them.
New York Legal Code