If the Commissioner ascertains in any manner that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver, unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as hereinafter provided. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)