(1) Any out-of-state banking corporation, or banking association, or out-of-state trust corporation, or association, which has its principal office in another state, authorized to act as executor or administrator of estates of decedents or trustees under wills and voluntary trust agreements, and as guardian of minors or incompetent persons, in the state where it has its principal office, may apply and act in such capacities in this state in ancillary or original proceedings, if similar domestic corporations or associations having their principal office in this state, which are authorized in this state to so act, are permitted to act in like capacity with no greater responsibilities or requirements in the state where such out-of-state corporation or association has its principal office.

(2) No such corporation or association shall act in any such capacities until it shall have appointed in writing the Secretary of State of Mississippi, and his successor, as its service agent, upon whom all process in any suit or proceeding against it may be served, and in such writing shall agree that any process against it which shall be served upon such Secretary of State shall be of the same legal force and validity as if served on such corporation or association. Such appointment shall continue so long as any liability shall remain outstanding against the corporation or banking association pertaining to any such matters.

(3) The court having jurisdiction shall require such corporation or association to give bond for the performance of such trust, unless otherwise provided in the trust agreement or will, in which case the provisions of the statutes in such cases made and provided shall apply. However, no such corporation or association shall be required to give any bond for the performance of such trust where such corporation or association is not required to give bond for the performance of such trust under or by virtue of the laws of the state in which such corporation or association has its principal office.

(4) This section shall not prevent out-of-state banking corporations or banking associations or out-of-state trust corporations or associations from qualifying and acting in a fiduciary capacity in the State of Mississippi under wills or trust agreements heretofore executed, designating such out-of-state corporation or association as a fiduciary thereunder, nor shall this section prevent any such out-of-state corporation or association that has heretofore qualified as a fiduciary in the State of Mississippi from continuing to serve as a fiduciary in matters in which they have heretofore qualified in this state. This section shall not apply to trust agreements executed for the purpose of securing loans or guaranties thereof.

(5) For the purposes of this section, “out-of-state” means having the charter of incorporation issued by a state other than the State of Mississippi, or having its main office in a state other than the State of Mississippi; provided, however, this section shall not apply to an out-of-state national or state bank or out-of-state federal or state thrift which maintains a branch in Mississippi.