J. MILLARD TAWES, Governor                     1045

(3) Notwithstanding any other provision of law, no bond shall
be required of the Commissioner as a prerequisite for the issuance
of any injunction or restraining order pursuant to this section.

136. Grounds for Rehabilitation—Domestic Insurers.

The Commissioner may apply to the Court for an order appointing
him as receiver of and directing him to rehabilitate a domestic
insurer upon one or more of the following grounds. That the insurer:

(1)   Is impaired or insolvent;

(2)   Has refused to submit any of its books, records, accounts or
affairs to reasonable examination by the Commissioner, his deputy
or examiner;

(3)   Has concealed or removed records or assets;

(4)   Has failed to comply with an order of the Commissioner to
make good an impairment of capital or surplus or both;

(5)   Has transferred or attempted to transfer substantially its
entire property or business, or has entered into any transaction the
effect of which is to merge substantially its entire property or
business in that of any other insurer without having first obtained
the written approval of the Commissioner;

(6)   Has wilfully violated its charter or articles of incorporation
or any law of this State;

(7)   Has an officer, director or manager who has refused to be
examined under oath concerning its affairs;

(8)   Has been or is the subject of an application for the appoint-
ment of a receiver, trustee, custodian, conservator, or sequestrator
of the insurer or its property otherwise than pursuant to the provi-
sions of this article whether such appointment has actually been
made or not;

(9)   Has consented to such an order through a majority of its
directors, stockholders, members or subscribers;

(10)   Has failed to pay a final judgment rendered against it in this
State upon any insurance contract issued or assumed by it, within
sixty (60) days after the judgment became final or within sixty (60)
days after the time for taking an appeal has expired, or within sixty
(60) days after dismissal of an appeal before final termination,
whichever date is the later;

(11)   Is found, after examination by the Commissioner, to be in
such condition that its further transaction of business will be haz-
ardous to its policyholders, bondholders, or to creditors or to the
public.

137. Grounds for Liquidation.

The Commissioner may apply to the Court for an order appoint-
ing him as receiver (if his appointment as receiver shall not be then
in effect) and directing him to liquidate the business of a domestic
insurer or of the United States branch of an alien insurer having
trusteed assets in this State, regardless of whether or not there has
been a prior order directing him to rehabilitate such insurer if such
insurer: