Section 7
SEC. 7. Section sixteen hundred and thirty-three of the Administrative Code is hereby amended so as to read as follows: "SEC. 1633. Revocation of license—Insolvency proceedings.—Whenever the Insular Treasurer shall find that the society or association has failed to comply with any of the provisions of this article or of any other law or regulation obligatory upon it, or with any recommendations made by the said official in connection with the results of the examination conducted into its business affairs, or that it has exceeded its powers or conducted business fraudulently, or that its condition is one of insolvency and its finances could not be rehabilitated within three months after it has been so found insolvent, or it otherwise appears that the society cannot, through mismanagement, inefficiency, or incompetence of its officers, or indifference of its members, or for any other cause, properly carry out the purposes for which it was organized, the Insular Treasurer shall forthwith revoke its license and forbid it to continue its operation: Provided, however, That an association shall be deemed insolvent within the meaning of this section whenever its assets are insufficient for the payment of its debts, or its death benefit and other relief funds cannot meet the liabilities or obligations properly chargeable thereto under its articles of incorporation, constitution, by-laws, rules, or regulations: And provided, farther, That should said societies or association whose licenses to transact business have been revoked either due to insolvency or other causes herein-above enumerated, fail, within sixty days after such revocation, to show cause convincing to the Insular Treasurer why said license should be renewed, the latter shall inform the Secretary of Finance of the facts, and should the Secretary of Finance find the statements of the Insular Treasurer to be true, he shall direct the said Treasurer to take charge of its assets and report the same to the Attorney-General, who shall, in the name of the Insular Government, file a petition in the Court of First Instance of the province or city where the principal office of such society or association or branch thereof, as the case may be, is situated to dissolve the society or association, or branch, sell its property, collect its assets, and distribute the proceeds to the persons by law entitled to receive the same. In the settlement of the affairs of the organization it shall be within the discretion of the court either to appoint the Insular Treasurer as the agent of the organization to close up the affairs of the organization or to appoint a receiver who shall discharge the same duty."