(a) Any foreign corporation, as defined in Code Section 53-12-390, may act in this state as trustee, executor, administrator, guardian, or any other like or similar fiduciary capacity, whether the appointment is by law, will, deed, inter vivos trust, security deed, mortgage, deed of trust, court order, or otherwise without the necessity of complying with any law of this state relating to the qualification of foreign corporations to do business in this state or the licensing of foreign corporations to do business in this state, except as provided in this part, and notwithstanding any prohibition, limitation, or restriction contained in any other law of this state, provided only that:

(1) The foreign corporation is authorized to act in the fiduciary capacity or capacities in the state in which it is incorporated or, if the foreign corporation is a national banking association, in the state in which it has its principal place of business; and

(2) Any bank or other corporation organized under the laws of this state or a national banking association having its principal place of business in this state is permitted by law to act in such fiduciary capacities in the state in which the foreign corporation seeking to act in this state is organized or in which it has its principal place of business, if it is a national banking association:

(A) Without further showing or qualification other than that it is authorized to act in such fiduciary capacities in this state and upon compliance with the laws of the other state, if any, concerning service of process on nonresident fiduciaries; and

(B) With no greater requirements made by the law of such state as a condition for permission for a corporation of this state so to act in the other state in such capacities than are required by this part as a condition for the foreign corporations to exercise such powers in this state.

(b) The foreign corporations seeking to exercise fiduciary powers in this state, upon qualifying in this state to act in any of such fiduciary capacities, shall not be required by law to give bond, if bond is relieved by the instrument, law, or court order in which such corporation has been designated to act in such fiduciary capacity and if no bond would under such circumstances be required of a corporation of this state, provided that a corporation of this state or a national banking association having its principal place of business in this state shall not be required by the laws of the state where the corporation seeking to act in this state has been organized or in which its principal place of business is located, if it is a national banking association, to give bond in such other state, when relieved of the requirement by the instrument, law, or court order under which such corporation of this state has been designated to act as a condition for being permitted to act in such fiduciary capacity, in such other state, except where a bond might under similar circumstances be required of a corporation of the other state.

(c) Nothing in this part shall be construed to prohibit or make unlawful any activity in this state by a bank or other corporation which is not incorporated under the laws of this state or by a national bank which does not have its principal place of business in this state, which activity would be lawful in the absence of this part.