§ 1320. Exemption from certain provisions.

(a) Notwithstanding any other provision of this chapter, a foreign
corporation doing business in this state which is authorized under this
article, its directors, officers and shareholders, shall be exempt from
the provisions of paragraph (e) of section 1316 (Voting trust records),
subparagraph (a) (1) of section 1317 (Liabilities of directors and
officers of foreign corporations), section 1318 (Liability of foreign
corporations for failure to disclose required information) and
subparagraph (a) (4) of section 1319 (Applicability of other provisions)
if when such provision would otherwise apply:

(1) Shares of such corporation were listed on a national securities
exchange, or

(2) Less than one-half of the total of its business income for the
preceding three fiscal years, or such portion thereof as the foreign
corporation was in existence, was allocable to this state for franchise
tax purposes under the tax law.