New York Laws
Article 4 - Limited Dividend Housing Companies
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.