(a) Any bank or trust company with articles of incorporation that have lapsed, or hereafter shall lapse, may renew and extend the bank’s corporate existence or the trust company’s corporate existence in the manner provided by law and upon payment of the requisite fees.

(b) The acts of any bank or trust company with articles of incorporation that have lapsed or terminated by the expiration of time and such bank’s or trust company’s corporate existence is renewed and extended are hereby legalized and declared to be valid in the same manner and to the same effect as though the banks and trust companies had been duly authorized at all times since their organization.