The commissioner may forthwith upon written notice and order take possession of the property and business of Fidelity Corporation and retain possession until Fidelity Corporation satisfies the commissioner that it will operate in conformity with this chapter whenever it appears to the commissioner that Fidelity Corporation has done any of the following:
(a) Violated its articles of incorporation or any law of this state.
(b) Invested its funds in violation of Section 17337.
(c) Not levied assessments as required by Sections 17320, 17321 and 17321.1.
(d) Has not diligently prosecuted an action pursuant to Section 17323.
(e) Violated any section of this chapter.
(f) Neglected or refused to submit its books, papers, and affairs to the inspection of the commissioner.
During the time the commissioner has possession the commissioner shall perform the duties and carry out the obligations of Fidelity Corporation.
(Amended by Stats. 1990, Ch. 1431, Sec. 4.)
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