12307.3. Whenever as a result of an examination or report it appears to the commissioner that:(a) The capital of any licensee is impaired;(b) Any licensee is conducting its business in such an unsafe or injurious manner as to render its further operations hazardous to the public;(c) Any licensee has suspended payment of its trust obligations;(d) Any licensee has refused to submit its books, papers, and affairs to the inspection of an examiner of the Division of Corporations;(e) Any officer of any licensee refuses to be examined under oath touching the concerns of such licensee;(f) Any licensee neglects or refuses to comply with any order of the commissioner made pursuant to this division unless the enforcement of such order is restrained in a proceeding brought by such licensee; the commissioner may forthwith take possession of the property and business of such licensee and retain possession until such licensee resumes business or its affairs be finally liquidated as herein provided. Such licensee, with the consent of the commissioner, may resume business upon such terms as he may prescribe.(Added by Stats. 1963, Ch. 1817.)
California Legal Code