No foreign association or foreign holding company shall transact the business of a
savings association within this state, or maintain an office in this state for the
purpose of transacting such business, or acquire any proprietary interest in or control
of or merge, or enter into any merger agreement, with any association except in accordance
with such rules and regulations as the director of the division of finance shall promulgate
providing for the licensing, admission, qualifications and operating requirements
of foreign associations. No foreign savings association shall be considered to be doing business in this
state by reason of engaging in the activities set forth in section 362.423.
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