Sec. 1. The department may take possession of the business and property of a savings bank if any of the following occur:
(1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law.
(2) The department determines that the board or officers of the savings bank are mismanaging the savings bank's affairs.
(3) Any of the conditions described in IC 28-1-3.1-2 apply to the savings bank.