Limitations on incorporation under chapter; compliance with other laws

1. Trust companies, insurance companies, mutual fire insurance companies, surety companies, express companies and railroad companies may be formed under this chapter, but such a corporation may not: (a) Transact any such business within this State until it has first complied with all laws concerning or affecting the right to engage in such business. (b) Infringe the laws of any other state or country in which it may intend to engage in business, by so incorporating under this chapter.

2. No savings and loan association, savings bank, thrift company or corporation organized for the purpose of conducting a banking business may be organized under this chapter.