§ 487. Reincorporation of present incorporated churches. 1. Any church heretofore incorporated may, subject to restrictions and limitations of existing laws, reincorporate under the provisions of this article, by filing in the county clerk's office in the county in which its principal place of worship is located, a certificate, signed and acknowledged by all the trustees of said church in office at the time of such reincorporation, setting forth that the said church by a majority vote of the members present at a duly called meeting of the membership, as determined by the by-laws of the existing corporation, desires to reincorporate under the provisions of this article. Such certificate shall set forth those items specified in section four hundred eighty-six of this article.

2. The reincorporated corporation shall be deemed a continuation of the previously organized corporation, but thereafter it shall have only such rights and powers and be subject only to such obligations as any corporation created under this article, provided, however, that all property rights and liabilities of the previously organized corporation shall be vested in and assumed by the reincorporated corporation. The corporate by-laws and officers of the reincorporated corporation shall be the same as those of its predecessor until changed pursuant to the said by-laws, provided they conform to the provisions of section four hundred eighty-five of this article.