The General Assembly has determined that Acts 1979, No. 118 [repealed], authorized foreign banks and trust companies to act as fiduciaries within this state if the state under which they were organized and have their principal office grants reciprocal authority to Arkansas banks and trust companies, and that such authority was inadvertently repealed by the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq. It is the intent of this section and §§ 4-31-302 and 4-31-303 to reestablish that reciprocal authority and to ratify any transactions that have occurred since the enactment of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., and which would have been valid under Acts 1979, No. 118 [repealed].