N.Y. Banking Law Section 520
Savings clause

Nothing in this article contained shall be deemed to require the reincorporation of any corporation heretofore organized under the provisions of article seven of chapter three hundred and sixty-nine of the laws of nineteen hundred fourteen, entitled “An act in relation to banking corporations, and individuals, partnerships, unincorporated associations and corporations under the supervision of the banking department,” constituting chapter two of the consolidated laws, or under the provisions of said article seven of said chapter two of the consolidated laws, or under the provisions of said article seven of said chapter as amended, nor to alter or affect any rights, privileges, powers, benefits, or immunities granted to such corporations by the provisions of any law of this state. Such corporations shall have all of the rights, privileges, powers, benefits and immunities provided by any laws of this state with the same effect as if such corporations were referred to in such laws as organized under this article; and no further amendment to any such laws shall be required to give such corporations such rights, privileges, powers, benefits and immunities. Except as in this article otherwise provided such corporations shall be subject to all of the obligations and duties of investment companies organized under the provisions of this article, and such corporations shall have all of the rights, privileges, powers, benefits and immunities by this article granted to such companies.

Source: Section 520 — Savings clause, https://www.­nysenate.­gov/legislation/laws/BNK/520 (updated Sep. 22, 2014; accessed Jul. 12, 2025).

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Verified:
Jul. 12, 2025

Last modified:
Sep. 22, 2014

§ 520. Savings clause's source at nysenate​.gov

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