(1) The commissioner is vested with the following powers: To examine the books and records of the production credit association for the purpose of determining the amount of taxes due, in the event of the failure of the association to make its return or for the purpose of verifying or correcting any return made; and
(2) To issue distress warrants for the collection of any taxes due and unpaid or to institute suit in the courts of law or chancery, for the use and benefit of the state; and
(3) Upon the failure or refusal of any association to file a return, or upon the filing of a false and fraudulent return, the association shall thereafter be estopped to dispute the accuracy of the assessment made by the commissioner.