Section 406
SEC. 406. The Commissioner shall after notice and hearing, have the power either to suspend or revoke the license issued to a mutual benefit association if he finds that the association has: failed to comply with any provision of this Code; failed to comply with any other law or regulation obligatory upon it; failed to comply with any order, ruling, instruction, requirement, or recommendation of the Commissioner; exceeded its power to the prejudice of its members; conducted its business fraudulently or hazardously; rendered its affairs and condition to one of insolvency; or failed to carry out its aims and purposes for which it was organized due to any cause. After receipt of the order from the Commissioner suspending or revoking the license, the association must immediately exert efforts to remove such cause or causes which brought about the order, and, upon proper showing, may apply with the Commissioner for the lifting of the order and restoration or revival of the license so revoked or suspended.