If it appears to the Banking Board, from the report of such association, or from an examination made by it, or its duly appointed agents, that such an association is violating the provisions of this subchapter, or is conducting its business in an unsafe or unauthorized manner, the Board shall, by an order under its hand and seal addressed to such association, direct the discontinuance of such illegal and unsafe practices. Whenever such association neglects or refuses to comply with such order, or make reports as required, the Banking Board shall communicate such facts to the attorney general, who thereupon shall investigate the cause of such complaint and if he finds sufficient cause, he shall institute proceedings against such association as are provided by law in the case of an insolvent corporation, or such other proceedings as the nature of the case may require.