(a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging in practices that threaten to result in an impaired condition, or (3) is in violation of an order or injunction issued pursuant to this division, the commissioner may appoint a receiver for the association.
(b) The receiver may be the commissioner, deputy commissioner or any other person.
(c) The receiver shall, upon appointment, immediately take possession of the books, records, and assets of every description of the association.
(Amended by Stats. 1988, Ch. 718, Sec. 22.)