The department may take possession of the business and property of a savings bank if any of the following occur:
- (1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law.
- (2) The department determines that the board or officers of the savings bank are mismanaging the savings bank's affairs.
- (3) Any of the conditions described in IC 28-1-3.1-2 apply to the savings bank.
As added by P.L.42-1993, SEC.72.