(a) A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27, 1929:
(1) may continue to engage in business;
(2) is subject to this title; and
(3) shall comply with the requirements of this title regarding investments and deposits.
(b) A shareholder in a company acting under this title is not liable in the event of default in the payment of any debt or liability of the company beyond the shareholder's subscription for stock.