N.Y. Public Service Law § 5-b: Corporations subject to chapter although not transacting business

§ 5-b. Corporations subject to chapter although not transacting

business. Corporations formed to acquire property or to transact

business which would be subject to the provisions of this chapter, and

corporations possessing franchises for any of the purposes contemplated

by this chapter, shall be deemed to be subject to the provisions of this

chapter although no property may have been acquired, business transacted

or franchises exercised.