Grounds for injunction, liquidation, and receivership of domestic society

10-14-607. Grounds for injunction, liquidation, and receivership of domestic society. (1) The commissioner shall notify a domestic society when the commissioner upon investigation finds that a domestic society: (a) Has exceeded its powers; (b) Has failed to comply with any provision of this article; (c) Is not fulfilling its contracts in good faith; (d) Has a membership of less than four hundred after an existence of one year or more; (e) Is conducting business fraudulently or in a manner hazardous to its members, creditors, or the public; or (f) Is using methods which, although not otherwise specifically proscribed by statute, nevertheless renders its operation hazardous, or its condition unsound, to its members or the public. (2) If the commissioner notifies a society pursuant to subsection (1) of this section, the commissioner may utilize the procedures, practices, standards, and provisions of parts 4 and 5 of article 3 of this title. In applying said provisions, the application of the assessment feature of the certificate shall be first considered. Source: L. 93: Entire article amended with relocations, p. 605, � 1, effective July 1.