Whenever after examination the Commissioner is satisfied that any society has failed to comply with any provisions of this chapter, or is exceeding its powers, or is not carrying out its contracts in good faith, or is transacting business fraudulently, the Commissioner may present the facts relating thereto to the Attorney General of the Virgin Islands, who shall, if he deems the circumstances warrant, commence an action in the District Court, and such court shall thereupon notify the officers of such society of a hearing, and if it shall appear that such society should be closed, the society shall be enjoined from carrying on any further business and the Commissioner shall be appointed receiver of such society, and shall proceed at once to take possession of the books, papers, moneys, and other assets of the society, and shall forthwith, under the direction of the court, proceed to close the affairs of the society and to distribute its funds to those entitled to them.