(a) Corporations formed under the provisions of this subchapter shall have the privileges and be subject to the provisions of the general corporation law as well as the applicable provisions contained in this part. In the event of conflict between the provisions of the general corporation law and the provisions of this part, the latter shall control. Such corporations shall not be required to make any annual report except as provided in this part.

(b) A corporation formed prior to July 1, 1968, for any purpose for which a corporation may be formed under this subchapter, with respect to all acts done after such date, shall be deemed to be within the provisions of this subchapter and of the general corporation law, in like manner as a corporation formed under this subchapter. But the foregoing provisions shall be subject to all such exceptions and qualifications as are contained in 11 V.S.A. § 2. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 12).)