If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, are true with respect to a California credit union, the commissioner may by order, without any prior notice or hearing, take possession of the property and business of the California credit union:
(a) That the California credit union has violated any provision of this division, of another applicable law, of any order issued under this division, or of any written agreement with the commissioner, or has committed a material violation of any regulation of the commissioner.
(b) That the California credit union is conducting its business in an unsafe or unsound manner.
(c) That the California credit union is in such condition that it is unsafe or unsound for it to transact credit union business.
(d) That the California credit union has inadequate net worth or is insolvent. The net worth of the credit union shall be considered inadequate if it is less than 2 percent of the credit union’s total assets.
(e) That the California credit union failed to pay any of its obligations as they came due or is reasonably expected to be unable to pay its obligations as they come due.
(f) That the California credit union has ceased to transact credit union business.
(g) That the California credit union has, with the approval of its board, requested the commissioner to take possession of its property and business.
(Amended by Stats. 2010, Ch. 532, Sec. 48. (AB 1268) Effective January 1, 2011.)
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