§ 520 — Savings clause

New York § 520

• Jurisdiction: New York
• Law BNK: Banking
• Art. 12: No title

Text

§ 520. Savings clause. Nothing in this article contained shall be\ndeemed to require the reincorporation of any corporation heretofore\norganized under the provisions of article seven of chapter three hundred\nand sixty-nine of the laws of nineteen hundred fourteen, entitled "An\nact in relation to banking corporations, and individuals, partnerships,\nunincorporated associations and corporations under the supervision of\nthe banking department," constituting chapter two of the consolidated\nlaws, or under the provisions of said article seven of said chapter two\nof the consolidated laws, or under the provisions of said article seven\nof said chapter as amended, nor to alter or affect any rights,\nprivileges, powers, benefits, or immunities granted to such corporations\nby the provisions of any law of this state. Such corporations shall have\nall of the rights, privileges, powers, benefits and immunities provided\nby any laws of this state with the same effect as if such corporations\nwere referred to in such laws as organized under this article; and no\nfurther amendment to any such laws shall be required to give such\ncorporations such rights, privileges, powers, benefits and immunities.\nExcept as in this article otherwise provided such corporations shall be\nsubject to all of the obligations and duties of investment companies\norganized under the provisions of this article, and such corporations\nshall have all of the rights, privileges, powers, benefits and\nimmunities by this article granted to such companies.\n