A foreign corporation that is duly authorized to transact business in this State on July 1, 2002, for a purpose or purposes for which a corporation might secure the authority under this chapter, shall be entitled to all of the rights and privileges applicable to foreign corporations procuring certificates of authority to transact business in this State under this chapter, and from July 1, 2002, the corporation shall be subject to all of the limitations, restrictions, liabilities, and duties prescribed herein for foreign corporations procuring certificates of authority to transact business in this State under this chapter.

[L 2001, c 105, pt of §1]

Revision Note

"On July 1, 2002" substituted for "at the time this chapter takes effect", and the second reference to "July 1, 2002" substituted for "the time this chapter takes effect".