§ 520. Savings clause.

234 words·~1 min read·/ny/banking/no-title/520

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 520. Savings clause. Nothing in this article contained shall be

deemed to require the reincorporation of any corporation heretofore

organized under the provisions of article seven of chapter three hundred

and sixty-nine of the laws of nineteen hundred fourteen, entitled "An

act in relation to banking corporations, and individuals, partnerships,

unincorporated associations and corporations under the supervision of

the banking department," constituting chapter two of the consolidated

laws, or under the provisions of said article seven of said chapter two

of the consolidated laws, or under the provisions of said article seven

of said chapter as amended, nor to alter or affect any rights,

privileges, powers, benefits, or immunities granted to such corporations

by the provisions of any law of this state. Such corporations shall have

all of the rights, privileges, powers, benefits and immunities provided

by any laws of this state with the same effect as if such corporations

were referred to in such laws as organized under this article; and no

further amendment to any such laws shall be required to give such

corporations such rights, privileges, powers, benefits and immunities.

Except as in this article otherwise provided such corporations shall be

subject to all of the obligations and duties of investment companies

organized under the provisions of this article, and such corporations

shall have all of the rights, privileges, powers, benefits and

immunities by this article granted to such companies.