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Current as of January 01, 2026 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - New York Consolidated Laws, Business Corporation Law - BSC § 1320. Exemption from certain provisions - last updated January 01, 2026 | https://codes.findlaw.com/ny/business-corporation-law/bsc-sect-1320/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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