(a) All tax due under this act shall be settled by the department and such settlement shall be subject to audit and approval by the Department of the Auditor General and shall, so far as possible, be made so that notice thereof may reach the taxpayer before the end of a year after the tax report was required to be made.

(b) Promptly after the date of any such settlement the department shall send, by mail or otherwise, a copy thereof to such association. The tax imposed by this act shall be settled, resettled and otherwise imposed and adjusted in the same manner within the same periods of time, and right of resettlement, review, appeal and refund as provided by law in the case of capital stock and franchise taxes imposed upon business corporations.

(c) If, within a period of two (2) years after the date of any settlement, the department is not satisfied with such settlement the department is hereby authorized and empowered to make a resettlement of the tax due by such association, based upon the facts contained in the report, or upon any information within its possession, or that shall come into its possession.

Whenever a resettlement shall have been made hereunder, the department shall resettle the account according to law and shall credit or charge, as the case may be, the amount resulting from such resettlement upon the current accounts of the association with which it is made.

The resettlement shall be subject to audit and approval by the Department of the Auditor General, as in the case of original settlement, and in case of the failure of the two departments to agree, the resettlement shall be submitted to the Board of Finance and Revenue, as in the case of original settlements.

(d) If any association shall neglect or refuse to make any report and payment of tax required by this act, the department shall estimate the tax due by such association, and, subject to audit and approval by the Department of Auditor General, settle the amount due by it for tax penalties and interest thereon, as prescribed herein, from which settlement there shall be no right of review or appeal, but the department, with the approval of the Department of Auditor General, may require a report to be filed and thereupon make a settlement based upon such report and cancel the estimated settlement.