(a) If it shall be discovered that any public grain warehouse is insolvent or that its continuance in business will seriously jeopardize the interest of its creditors or grain depositors, it shall be the duty of the Public Grain Warehouse Commissioner to close the warehouse, to take charge of all the property and effects thereof, and to notify the surety.(b) Upon taking charge of any warehouse, the commissioner shall, as soon as practicable, ascertain by a thorough examination into its affairs its actual financial condition. Whenever the commissioner shall become satisfied that the corporation cannot resume business or liquidate its indebtedness to the satisfaction of its creditors, the commissioner shall report the fact of its insolvency to the Attorney General. Immediately upon receipt of the notice, the Attorney General shall institute proper proceedings in the proper court for the purpose of having a receiver appointed.Acts 1979, No. 83, § 23; A.S.A. 1947, § 77-1323.
Arkansas Legal Code