The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-07-21
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
sTATE nc, CLOSE THEIR BUSINESS.

| co,arnmanf adonted to maintain the national
credit, with the heavy taxes imposed Dy Inat :; oh
solutely necessary that said Banks snouio eioso
their business, and renders further contnu l nc,
of their corporate existence lulc anu usoiess w ~
| people of the State, ,,,,1,,
Section l. Be it enacted By tile General AsSen.Cey
of the State Of North Carolina, and 70 rs HeT t
enacted by the authyity Of the same, IhaI IL tue
StocIhoI3ers of any of the Banks chartered by the
General Assembly of this State shall be UNWILLING
to close the business of their Banks by an assign
and are DESTROYS to appropriate all the estate
and effects of such Bank tor the benent OF lIs
creditors and to close its business and SURRENDER
their chartered rights and franchises in CONFORM
ty with the subsequent provisions of this act,
such Stockholders may by their Dill In equity IN
the name of such Bank filed in the Court OF Equity
o! the county in which the principal Bank or any
o: its branches may be located require the cTeul
tors of such Bank to prefer and estaonsn tnelr
demands within such time not less IMAM TwelSS
months after decree therefor) shall be allowed
by the Court. The Court shall upon ming sucn
bill appoint commissioner suita9ie Peis t'n
acouainted with the business OF such BANK, VINO
shall be paid for his services such sum as may De
allowed by the court. Such commissioner snall
State for the faithful discharge of his duties in
such sum as shall be approved by the court,
which bond shall be filed in court and may DC
sued on for the of such persons as the court
Sec. 2. Be it further enacted, That the commits,
sioner appointed as aforesaid, upon ming the pohu
required of him, shall forthwith become, ana SO
long ms he shall contiue such commissioner and
no longer shall be vested with all the estate, e1-
fleets and rights of action Wnlcn Sucu DahA PossoS
sed had or held or was vested with, at the time
of filing such bill, and which such Bank could ut
that time have lawfully sold, assigned OF Trans
ferred including all debts due to such Bank or to
any person for its and all liens and securities
therefor The court may require such BANK by
its Cashier or other proper ocep 10 ra ali
such checks orders for money and execute sucn
other paper writings as the court shall deem nc
cessary or useful to enable the commissioner 10
demand or recover and receive the estate and e.
fects of such Bank for the benefit of its creditors
The commissioner shall have the IKE reme e ~
recover and receive all the estate debts and effects
belonging to such Bank at the time OF ming us
bill as such Bank might have had if no proceed
ings had been had under this act; and should any
such Bank have made any sale or transfer OF It's
property effects fraudulent as to Its creditors
but valid as between the parties in such eases
such commissioner shall stand in the place OF the
creditors and may recover and receive such pro-
perty or effects irauduenty sold or transferred,
although such Bank could not have done So In
ali suits prosecuted by such Commissioner at
law or in Equity the plaintiff shall be styled The
Commissioner" (addlng thereto the name OF tne
the COMMISSIONER and If at the time OF ming
such bill by any Bank any action at law or pro-
ceeding or suit in Equity shall be pending In the
name of such Bank for the recovery of any estate,
debt or demand which might or ought to be vested
in such Commissioner as aforesaid, such Commits
soncr shall be admitted to prosecute the same In
like manner and to like effect; and no suit pend
ing at any time for the recovery of any estate.
debt or demand in the name of such Commission
er shall be abated by the death or removal OF such
Commissioner, butts Commissioner to be appoint
ed in such cases las is hereinafter proylded shall
be admitted to prosecute the same in like manner
and to like effect if the same had been origin
allv commenced by him.
See B. Be it further e,.acted That the Commits
soner aforesaid shall i'll all things connected with
the discharge of his duties Commissioner, act
under the direction and orders of the court; and
if any such Commissioner shall refuse or unrea
sonably delay neglect to obey any rule, order
or decree of the court it shall be the duty of the
court to remove such Commissioner; and upon
such removal upon any vacancy by death or
otherwise, the court shall appoint some other
person Commissioner who shall enter into bond
in such sum as the court shall direct in like man
and for the like uses and purposes as provided
in cases of the Commissioner first appointed;
and thereupon all the estate, property, effects
debts and rights of action vested in such Bank
after the time of filing its BILL not before lawfully
disposed of by any former Commissioner, shall be
forthwith vested in such new commissioner as
legally and effectually as if he had been the COM
missioner first appointed; and the court shall have
the power to require any former commissioner or
the representative of any deceased commissioner
to surrender to such new commissioner any such
estate, effects, money or evidence of debt which
of right should be in the hands possession OF
such new commissioner.
Sec i. Be it further enacted, That all demands
of creditors may be preferred and proved before
such commissioner, and for all purposes connect
ed with the investigation of the demands of any
person claiming to he a creditor aforesaid the
commissioner shall have power to administer all
oaths required in the course of such proceedings
Any supposed creditor whose claims shall be
wholly or in part disallowed by any commission
er, may appeal TO the Court, where the same shall
be determined according to the course of the
Court, or decided at law, as the court may direct
and in all such appeals the shall be docketed
in the name of the creditor against "The Com
missioner of - adding the name of the Bank
of which he is commissioner and shall be tried
and determined as like suits between other parties.
In all cases in which any such commissioner shall
be party, whether plaintiff or defendant, and it
shall appear that there has been mutual credit
given by the Bank, and any other corporation or
any person who is the opposite party, or there are
mutual debts between them, whether such debts
ne Inc md nav or moi n lptyy
the parties shall be stated and one debt shall be
set off against the other, and the balance of such
account only shall be allowed or paid on ethcr
side respectively; and the costs in all cases shall
be paid by either party as the court shall direct.
The commissioner shall from time to time pre-
pare statements in writing of all claims allowed
by him; showing the character of such claims and
the evidence on which their validity is based
and there shall be application of any funds in
the hands of such commissioner to the satisfac-
ton in whole or in part of any claim whatever,
except under a rule or order of the court there
for.
Secs Be it further enacted, That the court shall
make all proper orders and DEGREES for the collec
ton of the assets of such Bank, of every nature
and description, and for the payment of the costs
and expenses incident to the proceedings. The
creditors whose claims and demands have been
proved and established as aforesaid against the
estate and effects of such Bank in the hands of the
commissioner, shall be entitled to payment in
satisfaction of the out of the assets in hands
of such commissioner, the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established accordingsto
the provisions of this act within the time allowed
by the decree of the court therefor shall be barred
of recovery by any action at law or other proceed
ing in equity; and any suit brought for their re-
covery otherwise than is herein provided shall on
the plea of the commissioner of such Bank be
abated, on his motion be dismissed.
Sec 6. Be it further enacted That it shall not be
necessary in any bill filed under this act, to make
any particular persons corporations parties by
name, but it shall be sufficient if the defendants
be denominated creditors of the particular Bank
in behalf of which suit may be Instituted; and
notice O DR. he
of thirty days it may be filed in at least
fifteen newspapers, one of which shall be pub
ished in the City of Raleigh; one in the city of
Charleston, s. C.; in the city of Richmond
Va; one in the city of Baltimore, Md; in the
city of Philadelphia; one in the city OF New York
one in the city of Augusta, Ga; one in the city of
Montgomery, Ala; one in the city of N. Orleans ;
and one in the city of Nashville, Tenn.
Sec. z. Belt further enacted, That any one of the
perior Courts of law and equity, shall have power
at his chambers, from time to time, to make any
such rules, orders or DEGREES as may be necessary
or required for expediting the settlement of all