(1) The Board may determine that an association is a supervisory case if it finds that:

1. (a) The association is in an impaired condition (Section 34-28-30(10)); or
2. (b) The association is in imminent danger of being in an impaired condition. Any of these findings by the Board must be based upon reports furnished to it by a savings and loan association examiner or upon other evidence from which it is reasonable to conclude that the association is a supervisory case.

(2) Notwithstanding any other provisions of this chapter, if the Board finds that immediate action is necessary in order to prevent the probable failure of an association which is a supervisory case, the Board shall have the power, with the concurrence of the appropriate federal regulatory agency in the case of any association the deposits of which are insured by the Federal Savings and Loan Insurance Corporation, to issue an emergency order authorizing:

1. (a) the conversion of the association into a federal association without change of business form;
2. (b) the reorganization, merger, or consolidation of the association;
3. (c) the conversion of the association into a capital stock association; or
4. (d) any state or federal association to acquire the assets of and assume the liabilities of the failing association.