(1) Foreign business trusts which are transacting business in this state at the time this law takes effect, for a purpose or purposes for which a foreign business trust might secure such authority under said law, shall, subject to the limitations set forth in their respective certificates of authority, be entitled to all the rights and privileges applicable to foreign business trusts procuring certificates of authority to transact business, and such foreign business trusts shall be subject to all the limitations, restrictions, liabilities and duties prescribed herein for foreign business trusts procuring certificates of authority to transact business in this state.
(2) Within one (1) year from July 1, 1998, all foreign business trust transacting business within the state at the time said chapter takes effect shall secure a certificate of authority or be subject to the penalties, restrictions and limitations otherwise herein provided.
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