New York § 1205 Existing corporations

New York Statutes

§ 1205 — Existing corporations

New York·Law ISC Insurance·Art. 12 Organization and Corporate Procedure

  § 1205. Existing corporations. Any insurance corporation incorporated\nunder the provisions of any law of this state and doing business as an\nauthorized insurer at the effective date of this chapter shall be\nsubject to the provisions of this chapter relating to such a\ncorporation, except that:\n  (a) It shall be entitled to exercise all powers conferred by virtue of\nits charter as in effect on the effective date of this chapter, during\nthe term thereof, unless specifically prohibited by or pursuant to law.\n  (b) Subject to article seventy-four of this chapter, its duration\nshall be perpetual.\n  (c) If it has a guarantee capital represented by shares, it may amend\nany of the provisions of its charter.\n

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§ 1205. Existing corporations. Any insurance corporation incorporated\nunder the provisions of any law of this state and doing business as an\nauthorized insurer at the effective date of this chapter shall be\nsubject to the provisions of this chapter relating to such a\ncorporation, except that:\n (a) It shall be entitled to exercise all powers conferred by virtue of\nits charter as in effect on the effective date of this chapter, during\nthe term thereof, unless specifically prohibited by or pursuant to law.\n (b) Subject to article seventy-four of this chapter, its duration\nshall be perpetual.\n (c) If it has a guarantee capital represented by shares, it may amend\nany of the provisions of its charter.\n

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