(a) An association shall not conduct any business in the state except upon written statement by the state banking commissioner, which shall be filed and preserved in his office, to the effect that the association is solvent and conducting its affairs compatible with prudent business principles. When a statement is made, the state banking board may issue a certificate of admission to the association upon the payment to the state banking commissioner of an amount established by rule and regulation of the commissioner. (b) Any foreign association which conducts business without a license shall be deemed to be doing business unlawfully.
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