N.Y. Business Corporation Law § 1320: Exemption from certain provisions

§ 1320. Exemption from certain provisions.

(a) Notwithstanding any other provision of this chapter, a foreign

corporation doing business in this state which is authorized under this

article, its directors, officers and shareholders, shall be exempt from

the provisions of paragraph (e) of section 1316 (Voting trust records),

subparagraph (a) (1) of section 1317 (Liabilities of directors and

officers of foreign corporations), section 1318 (Liability of foreign

corporations for failure to disclose required information) and

subparagraph (a) (4) of section 1319 (Applicability of other provisions)

if when such provision would otherwise apply:

(1) Shares of such corporation were listed on a national securities

exchange, or

(2) Less than one-half of the total of its business income for the

preceding three fiscal years, or such portion thereof as the foreign

corporation was in existence, was allocable to this state for franchise

tax purposes under the tax law.