Whenever it appears to the commissioner that Guaranty Corporation has:
(a) Violated its articles of incorporation or any law of this state;
(b) Not paid amounts as directed by the commissioner pursuant to Section 18490;
(c) Invested its funds in violation of Section 18497;
(d) Not levied assessments as required by Sections 18535 and 18536;
(e) Has not brought and diligently prosecuted an action to enforce payment as required by Section 18538;
(f) Violated any section of this chapter; or
(g) Neglected or refused to submit its books, papers, and affairs to the inspection of any examiner;
the commissioner may forthwith take possession of the property and business of Guaranty Corporation and retain possession until Guaranty Corporation satisfies the commissioner that it will operate in conformity with this chapter. During the time the commissioner has such possession he shall perform the duties and carry out the obligations of Guaranty Corporation.
(Added by Stats. 1976, Ch. 964.)