1. Notwithstanding any law to the contrary, foreign associations which conduct their principal operations in a state adjoining Missouri, and which are not controlled by a foreign holding company incorporated in or which conducts its principal operations in a state not adjoining Missouri, may acquire control of associations in Missouri or may merge with or acquire control of associations conducting their principal operations in Missouri, if the adjoining state permits associations which conduct their principal operations in Missouri to acquire control of savings and loan associations in such adjoining state, under conditions which are substantially the same as those imposed by that state on savings and loan associations conducting their principal operations in that state except, any savings and loan association or savings and loan holding company having its principal office in this state, may merge with or acquire control of, or be merged with or be acquired by, a savings and loan association or a savings and loan holding company having its principal office in any other state if the savings and loan association or savings and loan holding company having its principal office in this state is conducting business as a savings and loan association or savings and loan holding company in that state; and any savings and loan association or savings and loan holding company which has its principal office outside of this state may continue to conduct business in this state if they were conducting such business on August 13, 1986.

2. As used in this section, the state in which a savings and loan association conducts its principal business shall be the state in which the total deposits are the largest, and the term “control” shall mean control in any manner of the election of a majority of the directors of a savings and loan association.