§5-16-39. Foreign corporations not to transact business in state; privileges, etc., of federal savings and loan associations.

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No foreign corporation shall transact any business of a savings and loan association within this state or maintain an office in this state for the purpose of transacting such business. Federal savings and loan associations, incorporated pursuant to an act of Congress known as the Home Owners' Loan Act of 1933, are not foreign corporations, and any such federal association shall be subject to the same taxation and entitled to the same privileges as associations subject to this chapter.

(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §250.)

                    
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