Foreign investment trusts which are transacting business in this state at the time Sections 79-15-101 through 79-15-139 take effect, for a purpose or purposes for which a foreign investment trust might secure such authority under Sections 79-15-101 through 79-15-139, shall, subject to the limitations set forth in their respective certificates of authority, charters or articles of incorporation, be entitled to all the rights and privileges applicable to foreign investment trusts procuring certificates of authority to transact business in this state under Sections 79-15-101 through 79-15-139, and from the time said sections take effect such foreign investment trust shall be subject to all the limitations, restrictions, liabilities and duties prescribed herein for foreign investment trusts procuring certificates of authority to transact business in this state under Sections 79-15-101 through 79-15-139.
Within one (1) year from July 1, 1978, said foreign investment trust transacting business within this state at the time said sections take effect shall secure a certificate of authority or be subject to the penalties, restrictions and limitations otherwise herein provided.
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