§ 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.