Whenever it appears to the commissioner that any institution to which this chapter applies reflects negative equity capital, as determined by the most recent report of examination conducted by the banking department or a federal deposit insuring agency, the commissioner may represent the facts by ex parte petition to some justice of the superior court, or, at such time as the commissioner receives notice from a federal deposit insuring agency that such agency has commenced any proceeding to terminate the subject institution's deposit insurance, the commissioner shall represent the facts by ex parte petition to a justice of the superior court. In either such circumstance, said justice shall direct the commissioner to take possession of the property and business of such institution and retain possession thereof until it shall resume business, or until its affairs shall finally be liquidated as herein provided; and upon completion of such liquidation the charter of such institution shall be vacated.
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