The department of administration may initiate the involuntary merger of a credit union that is insolvent or in danger of insolvency with any other credit union or may authorize a credit union to purchase any of the assets of or assume any of the liabilities of any other credit union that is insolvent or in danger of insolvency if the department is satisfied that:
(1) an emergency requiring expeditious action exists with respect to a credit union that is insolvent or in danger of insolvency;
(2) other alternatives are not reasonably available; and
(3) the public interest would best be served by approval of the merger, purchase, or assumption.