Section 5
SEC. 5. Whenever the result of the examination by the Insular Treasurer shall show that the finances of the association are in such condition that it can not meet its liabilities and that its funds have been diverted from the purposes for which it was organized, to such an extent as to require him to declare it to be insolvent, all report the same to the Attorney-General, who shall, in the name of the Insular Government, file a petition in the Court of Firm Instance to dissolve the association, 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 association it shall be within the discretion of the court either to appoint the Insular Treasurer as the agent of the association to close up, the affairs of the association or to appoint a receiver who shall discharge the same duty.