New York § 1320 - 1320Exemption from certain provisions

§ 1320. 1320Exemption from certain provisions

§ 1320. Exemption from certain provisions. (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.