N.Y. Private Housing Finance Law § 97: Corporations in existence prior to enactment of article

§ 97. Corporations in existence prior to enactment of article.

Nothing in this article contained shall be deemed to require the

reincorporation of any public limited dividend housing company or any

private limited dividend housing company heretofore organized under the

provisions of chapter eight hundred twenty-three of the laws of nineteen

hundred twenty-six, entitled "state housing law," as amended prior to

the enactment of this article, nor to alter or affect any rights,

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

by the provisions of any law, general, special or local. Such housing

companies shall exist, continue to function and they and their

stockholders, debenture holders, tenants, mortgagees, creditors and all

other persons having an interest therein shall possess the powers,

rights and privileges, be subject to the duties, restrictions and

liabilities, of this article, provided that the legality, terms, rights,

duties, limitations, privileges and immunities with respect to rents,

dividend returns, mortgage interest, state and local tax exemptions and

investments in such companies heretofore made and of transactions

heretofore had by such companies shall not be affected by the provisions

of this article, but the same shall continue to be governed by the

provisions of chapter eight hundred twenty-three of the laws of nineteen

hundred twenty-six and amendatory acts thereto, and for such purposes,

such chapter and amendatory acts thereto shall continue to be in full

force and effect.