Section 733-504 - Taking of possession by departmentA. The department may take possession as receiver, which throughout this act includes the authority to act as conservator, of the business and property of any institution subject to its supervision whenever it shall appear to it that such institution-- (1) Is violating its articles of incorporation, any order of the court issued upon application of the department, any cease and desist or similar order of the department, or any law of the Commonwealth regulating its business; or(2) Is conducting its business in an unsafe manner; or(3) Is in an unsafe or unsound condition to transact its business; or(4) In the case of a corporation, has an impairment of its capital below the minimum required by law or by its articles of incorporation; and in the case of a person, has not made good a depreciation in the value of the bonds or securities deposited with the department below the minimum required by law; or, after due examination of the corporation or person, is determined to be insolvent; or has a substantial dissipation of assets or earnings or any unsafe or unsound practice or for any violation of Federal or State financial law or pertinent regulation; or(5) Has suspended payment of its obligations, without authority of law; or is likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business; or(6) Has refused to submit its records and affairs to, or its officers or directors have refused to be examined upon oath or affirmation concerning its affairs by, the secretary, or any other duly authorized examiner, in connection with any lawful examination or investigation; or(7) Requests the department, by its board of directors or its board of trustees in the case of a corporation, and, in the case of a person, by its individual owner or owners, to take possession for the benefit of depositors, other creditors, and shareholders; or(8) Has assets less than its obligations to its creditors and others, including members of the institution.B. Prior to the department taking possession, the department shall have full authority to take any action it deems appropriate in anticipation of taking possession of an institution, including, but not limited to, seeking and contacting potential acquirers of part or all of the institution that may be taken into possession and obtaining qualified agents or seeking and contacting potential successor trustees to administer fiduciary accounts.C. In addition, whenever the secretary in his official capacity is appointed receiver by any court of equity, as provided by law, the department shall take possession of the business and property, and the secretary shall act as receiver, of the institution in the same way and with the same rights and limitations as when the department takes possession in the customary manner provided by this act.1933, May 15, P.L. 565, art. V, § 504. Amended 2002, Dec. 9, P.L. 1604, No. 209, § 17, imd. effective.