(a) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may acquire and maintain a trust office in this state.
(b) No out-of-state trust institution may maintain a trust office in this state unless a similar institution chartered under the laws of this state to act as a fiduciary is permitted to acquire and maintain a trust office through an acquisition of a trust office in the state where the out-of-state trust institution has its principal office and may engage in activities substantially similar to those permitted to trust offices of out-of-state trust institutions under § 23-51-175, in the state where the out-of-state trust institution has its principal office.