Section 462. Foreign credit unions

Subject  to such regulations as the
  superintendent may adopt, any credit union located in a state other than
  this state may open and maintain in this state, in any locality in which
  a substantial portion of its actual or potential membership is  employed
  or  residing,  one  or  more  stations  for  the conduct of its business
  provided that before any such station or stations  shall  be  opened  or
  maintained or removed to a new location:
    1. Its board of directors shall submit to the superintendent a written
  application setting forth the reasons therefor and the proposed location
  of such station or stations. The application for each such station shall
  be  accompanied by a fee as prescribed pursuant to section eighteen-a of
  this chapter.
    2. The superintendent shall have given his written approval thereto.