Nothing in this article contained shall be deemed to require the reincorporation of any public limited dividend housing company or any private limited dividend housing company heretofore organized under the provisions of chapter eight hundred twenty-three of the laws of nineteen hundred twenty-six, entitled 'state housing law,' as amended prior to the enactment of this article, nor to alter or affect any rights, privileges, powers, benefits, or immunities granted to such corporations by the provisions of any law, general, special or local. Such housing companies shall exist, continue to function and they and their stockholders, debenture holders, tenants, mortgagees, creditors and all other persons having an interest therein shall possess the powers, rights and privileges, be subject to the duties, restrictions and liabilities, of this article, provided that the legality, terms, rights, duties, limitations, privileges and immunities with respect to rents, dividend returns, mortgage interest, state and local tax exemptions and investments in such companies heretofore made and of transactions heretofore had by such and immunities with respect to rents, dividend returns, mortgage interest, state and local tax exemptions and investments in such companies heretofore made and of transactions heretofore had by such companies shall not be affected by the provisions of this article, but the same shall continue to be governed by the provisions of chapter eight hundred twenty-three of the laws of nineteen hundred twenty-six and amendatory acts thereto, and for such purposes, such chapter and amendatory acts thereto shall continue to be in full force and effect.
New York Legal Code