When Commissioner may take charge

The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company: (1) Is in a hazardous condition; (2) Has become insolvent or is in substantial danger of becoming insolvent; (3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article; (4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or (5) Has suspended operations. (2001-263, s. 1.)