5 - Application. - New York Statutes

§ 5. Application. A corporation heretofore or hereafter incorporated under a general law for a purpose or purposes for which a corporation may be formed under this chapter shall in respect to such purpose or purposes have all the powers and privileges conferred, and be subject to all the duties, liabilities and limitations imposed, on a corporation organized for such purpose or purposes under this chapter. Any corporation heretofore incorporated under a general law for any one or more of the purposes specified in this chapter, may exercise the powers now possessed by it to carry on any business in which it now may lawfully engage. A corporation heretofore incorporated under or by special law for such purpose or purposes shall in respect to such purpose or purposes have all the powers and privileges conferred, and be subject to the duties, liabilities and limitations imposed by this chapter, in so far as such duties, liabilities and limitations are not inconsistent with such special law.