New York § 1320 Exemption from certain provisions

New York Statutes

§ 1320 — Exemption from certain provisions

New York § 1320

Law BSCBusiness Corporation

Art. 13Foreign Corporations

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N.Y. Business Corporation § 1320 (2026).

Text

§ 1320. Exemption from certain provisions.\n  (a) Notwithstanding any other provision of this chapter, a foreign\ncorporation doing business in this state which is authorized under this\narticle, its directors, officers and shareholders, shall be exempt from\nthe provisions of paragraph (e) of section 1316 (Voting trust records),\nsubparagraph (a) (1) of section 1317 (Liabilities of directors and\nofficers of foreign corporations), section 1318 (Liability of foreign\ncorporations for failure to disclose required information) and\nsubparagraph (a) (4) of section 1319 (Applicability of other provisions)\nif when such provision would otherwise apply:\n  (1) Shares of such corporation were listed on a national securities\nexchange, or\n  (2) Less than one-half of the total of its business inco

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§ 1320. Exemption from certain provisions.\n (a) Notwithstanding any other provision of this chapter, a foreign\ncorporation doing business in this state which is authorized under this\narticle, its directors, officers and shareholders, shall be exempt from\nthe provisions of paragraph (e) of section 1316 (Voting trust records),\nsubparagraph (a) (1) of section 1317 (Liabilities of directors and\nofficers of foreign corporations), section 1318 (Liability of foreign\ncorporations for failure to disclose required information) and\nsubparagraph (a) (4) of section 1319 (Applicability of other provisions)\nif when such provision would otherwise apply:\n (1) Shares of such corporation were listed on a national securities\nexchange, or\n (2) Less than one-half of the total of its business income for the\npreceding three fiscal years, or such portion thereof as the foreign\ncorporation was in existence, was allocable to this state for franchise\ntax purposes under the tax law.\n