The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-05-22
The n, G., BANKING. Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

erlllucnt o.t the b nhs of the State makes it al
solnteiy Necessary that said Banks should close
of theiseorspFdtc existence idicand useless TO the
people oi fhc State,
Of tie .Stdte ~ North CifiOii"t, ant 1t is hereby
emacfe! By tie 0"th.':ty J tire ss".e, That if the
Stockholders OF any OF tne Banks chartered by the
General Assembly OF this State sl..il be unwilling
to close The business OF their Banksby an asSi gn
ment, and dcsirous oappropratc all the estate
and effects of such bank Tor the benefit of its
creditors and 10 close It's business aud surrender
their chartered rights and franchises i'll conform
~ with tie subsequent provisions OF tins act
such Stockholders may by their bill in equity in
the i!alr uf SUCH Bank iiicd in the Court of Equity
OF The county III which tae principal bank or any
of its braci:es may be located, require the cred-
tors OF such Bank to prefer and establish their
demands within such time (not less than twelve
months after decree thercioT) as shall be allowed
by the Court. The Court shall upon filing such
bill appoint as commissioner IL suitable person
acquainted with the business of such Bank, who
shall be paid for his services such sum as may be
allowed by the court. Such commissioner shall
give bond with ample security, payable to the
State for the fnitt full tlisclaru. of his duties in
shall be approved by the court,
which hOud shstH be filed in court and may be
sucd on ior the use of such persons us the court
may allow.
See. ,. & Il t:tiThcr caactet1, That the commits
sonyr appointed aforesaid, upon filing the bond
retiui:es! uF % shall forthwith become, and so
long II III s!aii voii;iuc such commissioner and
longer, shall be vested with all the estate, et-
frcts ali rights Of action which such Bank posses
SCd, had or nCld or was vested WIth at tlc time
OF iiirg sucil l.:li, anI viii, such Bank could at
tlat lilac lawfully sold, assigned or trans
fired, inciudir&. al. de':is due to such Bank or to
any pc.son iis and AL liens and securities
therefor TAe court HAY require such Bank by
il- Cashier or other proper officer to endorse
without recourse, all such bills or notes, draw all
such Checks Or orders for money and execute such
other paper writings the court shall deem ne
ccssary useful to enable the commissioner to
demand recover and receive the estate and C.
i>cts OF sct Bank or the benefit OF lis Creditors
The commissioner shalt lave toe like remedy TO
rt.vrr and Receive ali the tate debts and effects
i,.,l,lf tn, Is
hill, :.tic: Garl nirit have had If no proceed
in@S I.i been had iildcr .iiS act and should any
such BAN: have aIaI1 ANY sale or transfer OF its
properly effects, fraudulent to It's creditors
valid i, between tie parties, in such cases
such commissioner shall stand i'll the place OF the
crtti:U:>, aid Iniy recover and receive such pro
p"ryu cti.-It. !raIdulcnly sold or transferred,
ait.,t,,.cii $icll Bank could not have done In
all suits prosecuted by suca Commissioner ut
laS or in Equity the plaintiff shall be styled " The
Commissioned (addinG thereto the name OF the
particular Bank tor whc!l lie has been appointed
The COMMISSIONER a:l, il at the time OF filing
such bill by amy Bank any action III law or pro
crcdin:r sui in Equity shall bc pending il the
o. sucil Bank for tic recovery of any estate.
drbl or demand whicl liGt OF ought 10 be vested
in such C.1iltalSs iOnSr aS aforesaid. such tonmS-
.iun"r sisltl bs' admit to prosecute the same i'll
like m.;nnrr and to like effect; AID no suit pend
inr at :nr time for flie recovery of any estate,
dcbI or IcIulnd i'll the nHnlc of such Commission
,.r shall h., ;,:ayi Iy tn, death or removal of such
Commissioner, but Il ComnIissionerto be appoint
cd III such cases ias Is hereinafter proViicd) shall
be- admitted 10 prosecute the same in like manner
and to like Effect il the same had been origin
ally commenced by him.
See 3 Bs It Ju,fhs,. s.,ariea, That the Commits
sioAG aioFe-i s'i;l III a things eohecteu WIN
. t'.r " ~ S "a ~ " th rr,rt o,i
il any >rc.I Commissioner ::ii! refuse or unreal
Ho'i,pE utlctI :" heS.': :. :, ~ ~ :is 's ~ " % ~
court to remove Commissioner; and upon
'uIn l:' o."l "a, VI uLon aS ; 'o' 80 -! t ~, vi
othelM 80, me cou'' ",, ' ppi pTtn, on1 IN nti
in >ucl sam the court Shall direct in like man
neE ana lor ne lac u'eS a'iti puF'ses;is is PrNdcu
III cA.eS Oh the commissioner hrSt appoinse,'
ana thirGh!'"A all Il'. estate" properly, 'nectS
"S"'> ana r:-''tN o! action 's'e IN SUN Dlitk
hitrr the tiic "i Hiin% ii> h!'i no: ''fc aWiuily
disposed Oh IL any iofiicr commissioners, S!'il h1
i"ft!lWtl 'tstcd III SUE; H." c'illihiS7ioher as
t"tt ''ii't tit u '''.i, 1t" u ~, '" Ci .1 s, IN IN
nli7>iol> .''. ''i!,' 'ie Inu mn nav
inc Pp"+ft' T;lure any i,'Fii'F commissioner OF
tic i'P't VI ''y w. -" ~ ii'.'ii -
to surFcii'tr 10 >hcn new e|'inisS'ohtr an any such
es'-t't' clitttS, 'ii''ii;t ., VI Ii az - 20 " ; @ " ~ ~
Oh r:SS.it silo"iu % i III '..' minus ' p'SSeN vi
suC'i ~"
Sec ;: % u I"T"'f e''"etet, ihat All 9''iilthaS
Of creditors may be preferred ana proved before
such commissioner and Tor all purposes conncct-
ed win the Investigation OF the demands OF amy
person claiming to hc creditor as aforesaid, the
commissioner shall have power to administer all
OathS required in the coarse OF suci proceedings.
ANY supposed creditor wi,o-c Claims shall be
wholly or i'll part disalowed by any commission
er, may appeal t" t''c Court wnere the same shall
be d=trri-iinci according 10 tle course OF the
Court, or decided at law as the court may direct
and in al; such p2"as the case snail he docl<etcd
III the maine OF Ia, crGti:or against ne ne SoLi- 1
missioner Oh = lauaiIS the name oi ~, INC D1lk @
Oh "Ich hS - coiilSSioiiIt, - anu siii w -
,o I'm all ras,.. in Wiz anv such commissioner shall
he t,lrty whether plaintiff or defendant and il
shuiI nn.,car tnat there. has been mutual credit
] 80, ~: tt', Hnn, and onw othnr cornoration or
Sn 10y ~ @ @ 49,! t%. a,,11s;t. 49, ,,artI. or tI,'.r ,r.
ni2 t. Sht het t2.,., I.n1 wb"iser srnb IabtS
i % H.. rrj ,,,I.hIe or not Tho nrcnrrt I,.twenn
e. t;a 80 Iii w.. ot,tad' and IN, Gnbt I'LL hn
t @ t. t ,i"t 49, ,hn ,+ar a,,d ttn h,.nC.. of s,ch
accomnt ONLY si,aI be- allowed or nnd on either
sid r'.snertiySiv: and the costs in all cases shall
hn najd nv ni iti,.r ,Hartv ~ the court ban dirnct
III. t comioixs sin,,rr salI from time to timc nrc
,. .t,ttn.nt. in ,yritint, of ali cl,;n. nIIoIpad
fy lin. sr.in,, th,. :,a.t.r ,f sci, claims ana
lie evidence or which their validity Is basel.
ana thrr saII he 10 annIi"aton Of nn,, funds II,
thn hnnd. nf sunh ron,nissinncr to the satisf,c
tion in whole or in part of any claim whatever
exn.it Indrr , ,,,Ic Or order nf tI,r court there
f1r ~
Seo : p. if t;lthc, eoacte7 That the court shall
Ill. III ,r,rI~ orI or. nn,, Iacran far tr coIrc
t; nr ~ W.. ~ VI + nr sr,h PM, of every nat,,r,
,ni in.rrint;mn on, far tin nnvmrnt nf fbr costs
anJ "rn.nt i,,,c;,i,nt tn the irncrciinws The
n.ditdrs ,r,,.. 1i,ns ,ri ,,i.,non6S i,Sra bnnn