A cooperative corporation or association heretofore formed under or subject to a law repealed by this chapter or under article three of the business corporations law heretofore repealed, shall continue under and be subject to the provisions of this chapter as if incorporated hereunder; but all rights of property and by contract, which accrued before this chapter took effect, shall continue to be governed by the law under which such rights accrued. Also it may continue to use existing name, type of operations, by-laws, forms of marketing contracts, methods of financing and requirements as to reserves in so far as valid under prior laws unless expressly contrary to the provisions of this chapter.
New York Legal Code