No corporation formed or existing before 12 o'clock m. of
January 1, 1873, is affected by the provisions of Division 4 of this
code unless the corporation has elected to continue its existence
under the provisions of the Civil Code repealed by this code, or
elects to continue its existence under this code, but the laws under
which such corporations were formed and exist continue to apply to
all such corporations, notwithstanding their repeal by this code or
prior to its enactment.