Section 97. Corporations in existence prior to enactment of article

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 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.