§ 1321. Exemption from certain provisions.\n (a) Notwithstanding any other provision of this chapter, a foreign\ncorporation conducting activities in this state which is authorized\nunder this article, its directors, officers and members, shall be exempt\nfrom the provisions of paragraph (e) of section 1317 (Voting trust\nrecords), subparagraph (1) of paragraph (a) of section 1318 (Liabilities\nof directors and officers of foreign corporations), and subparagraph (2)\nof paragraph (a) of section 1320 (Applicability of other provisions) of\nthis article if such provision would otherwise apply:\n (1) The corporation is a non-charitable corporation under this\nchapter; its principal activities are conducted outside this state; the\ngreater part of its property is located outside this state; and less\nthan one third of its members are residents of this state; or\n (2) The corporation is a charitable corporation under this chapter;\nits principal activities are conducted outside this state; the greater\npart of its property is located outside this state; and less than ten\nper cent of its annual revenues is derived from solicitation of funds\nwithin this state.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.