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This entry was published on 2014-09-22
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SECTION 403
Certificate of incorporation; effect
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 4
§ 403. Certificate of incorporation; effect.

Upon the filing of the certificate of incorporation by the department
of state, the corporate existence shall begin, and such certificate
shall be conclusive evidence that all conditions precedent have been
fulfilled and that the corporation has been formed under this chapter,
except in an action or special proceeding brought by the
attorney-general. Where the certificate is for the incorporation of an
unincorporated association or group, the members of such association or
group shall be members of the corporation so created, and all property
owned by or held for it shall belong to and vest in the corporation,
subject to all existing incumbrances and claims as if incorporation had
not taken place. Where the certificate is for the reincorporation of a
corporation created by special law for purposes for which a corporation
may be formed under this chapter, such reincorporation shall not effect
a dissolution of the corporation but shall be a continuation of its
corporate existence, without affecting its then existing property rights
or liabilities, or the liabilities of its members or officers as such,
but thereafter it shall have only such rights, powers and privileges,
and be subject to such other duties and liabilities as a corporation
formed for the same purposes under this chapter.