Section 124. Purpose and application of article

It is the purpose of the
  legislature, in enacting this article, to provide for the regulation and
  supervision of the appointment,  creation,  agreements,  acts,  conduct,
  practices   and   proceedings   of   trustees,  bondholders'  protective
  committees, depositaries,  management  companies,  voting  trustees  and
  other  persons  administering, holding in custody or otherwise concerned
  with real estate mortgages and interests therein to the  end  that  such
  interests  will  be  properly  conserved,  administered  and  ultimately
  liquidated in the public interest. This  article,  except  as  otherwise
  expressly  provided, shall apply, to the extent that the state has power
  to  provide  therefor,  to  all  mortgage  investments,  as  hereinafter
  defined,   where  the  property  constituting  the  underlying  security
  therefor, or any part thereof, is located within the state or where  the
  trustee,  committee,  depositary,  management company, voting trustee or
  other person administering, holding in custody, or  otherwise  concerned
  with such investments has an office for the transaction of business with
  respect  thereto  within  the  state  or  has  obtained  authority to do
  business in this state.