The State Banking Commissioner shall have general supervision of associations, in addition to the authority set forth in other sections of this act. Whenever it is brought to the attention of the Commissioner by an examination report, or otherwise, that an association is violating any provision of this act, or is failing to maintain adequate documentary or accounting records, or is engaging in practices deemed by him to be unsafe or unsound, he may order such association to discontinue the violation or unsound practice, or to establish such records as he shall deem necessary. Upon failure of such association to comply with the Commissioner's order or requirements the Commissioner may suspend such association's certificate of authority to transact business, or he may place said association in receivership in the manner provided by this act.

Laws 1970, HB 1543, c. 101, § 11, emerg. eff. June 1, 1970; Amended by Laws 1993, SB 31, c. 183, § 35, emerg. eff. July 1, 1993.