§415-123 Application to corporations heretofore authorized to transact business in this State. Foreign corporations which are duly authorized to transact business in this State at the time this chapter takes effect, for a purpose or purposes for which a corporation might secure such 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 the time this chapter takes effect such corporations 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 1983, c 167, pt of §1; am L 1985, c 270, §4; am L 1987, c 135, §89]