The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-16
The N. G. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

AN ACT TO ENABLE Tie BANKS OF. The
STATE TO CLOSE THEIR BUSINESS.
WHEREAS, The financial policy of the Federal
Government adopted to maintain the national
credit, with the heavy taxes imposed by that Gov
crnment the B..nks of the State, makes it ali,
soutcly necessary that said Banks should close
their business, and renders further continu
of their corporate existence idle and useless TO the
people of the State,
Section 1. lie it enacted by the General assembly
Of the State Of North CdrUtisa, and IL is hereby
enacted Jy tie aah'ity of tie same, That if the
Stockholders of any OF the Banks chartered by the
General Assembly ut this State shall be unwilling
TO close the business OF their Banks BY an assign
nient and dcsirous to appropriate all the
and effects of such Bank lor the benefit of its
creditors, and to close its business and surrender
their chartered rights and franchises in contOrn
ty with the subsequent provisions of this act
stich Stockholders may by their bill in equity in
the of such Bank filed i'll the Court Of Equity
of the county in which the principal Bank or amy
of its branches may be located, require the crcd
tors Of such Bank to prefer and establish their
demands within such time mot less than twelve
months after decree thcrefor) as shall be allowed
| by the Court. The Court SHALL upon filing such
J bill appoint commissioner a suitable person
ucI i,tiited with the business of such Bank, who
shall be paid for his services such sum as may be
allowed bI the court. Sucn commissioner shall
give bond with ample security, payable to the
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 be
sncd Oh for tie of such persons the court
| MAY allow.
| Sec 2 Be it .tu,the, enacted, That tic commits
soner appointed as aforesaid upon filing the bond
required of him, shall forthwith become, and so
long as he shall coniuc such commissioner and
no ioD.ccr sl.a be vested with all the estate cf
fccts and rights of action which such Bank posses
sed, had or held or was vested with at the time
of filing such bill and viii, Ii such Bank could at
that time have lawfully sold, assigned or trans
ferrcd including all debts due to such Bank or to
any person Tor lis and all liens and securities
therefor. Tie court may require such Bank by
its 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
| tt,n
ccssarv or useful to enable the commissioner to
demand or recover and receive the estate and e.
fects of such Bank for the benefit of its creditors
The commissioner shall have the like remedy to
recover and receive ali the estate debts and effects
| belonging to such Bank at the time of filing its
BILL us such Bank might have had if no proceed
inws had been had under this act and should any
such Bank have made any salc>or transfer of its
nroperty or effects fraudulent us to IFS creditors
hut valid rs between the parties in such cases
such commissioner shall stand in the place of the
| creditors and may recover and receive such pro-
effects so iraudulentiy sold or transferred
although sucn Bank could not have done In
| all suits prosecuted by such Commissioner ut
law or in EQUITY the plaintiff shall be styled 1.-THE
Commissioner" (adding thereto the name OF the
| Darticular Bank for which he has been appointed
the COMMISSIONER and if ut the time of filing
such bill by any Bank any ACTON at law or pro-
cecding suit in Equity shall be pending III the
name OF such Bank Tor tnc recovery on any estate
deDt or demand "hicil 'ht Vi ousn.to De .est.
III such Cohliss,oicl q. , tL th , =;
sloner Shall DC adhIeuho pr !oscc!'e ING sae III
like manner and to ike eilcct; ana no Silt pcno
ing at any ti'ne LOT the iccorcIy ot any :stt.e'
debt or uemahd III tue naii'> ~ SUI.
er shall DC ahatco py tue oe't Vi eIlov'l vi s.en
Commissioners buta commissioner 10 DC appoint,
ed IN sch cases tas Is neIein'ilti Poeucul sii'i
be admitted 10 prosecute the s;liIe III ihc iil'n!cr
and 10 ike elIect US II lhe saie h''" ocen ori'h
ally commenced by MN. o,.
Sec g. he Il J",1hef etdIteG, nat Ile Soil'Il.S MS
sloner aforesaid shhil i'll al til;.s win
the discharge OF Ills o!.tcs as NoiiiiiSsioi'f, "c
under the direction anu oraers oi lise court anu
II any such Conhlssioner sllaii refuse or unrS'l-
sonably delay or negiect 10 0oey uiy Iuie' oruer
or decree OF the court u s!ili pc te auty vi I.e
court to remove such commissioner anu upon
such removal or upon any N'caHcy ny ue''tu or
otherwise, me court snii hpPSolt sum 1tiie5 5
person oolliillesiohcl, muo ii su - =; a. I;I ~ ~
In such sum us tne court siail uiect III llAe man
ner and for the like uses ana purposes as p:oVided
in cases OF the Gommissioner nrst appoi4tea, aa.t,
ana thereupon al the est.te, PrcpeIts, epects LES
oeDls ana rights OF acllo Hestcu i sucL iriiN
aiter the liIiie Oh nnS Its 1i mo ,I
vi pS any ioiiioi ' inmn 3m os %
M io WIN 'ssIe.i IN ette;t - i M h5 49,, H., 80 %
aG cucc uaiy aS /, 1 I ,ha i| onmrt hn L''
nlssiollei III, Al 81 'ppol'ilou liz .',u @ ~ ';sn; go @ ~
i tlo PoN ~. ~ tluii r any Sod a,,,,;s;
@ tiic iep " vi VI any -, 80, r'',
10 SURRENDER TO such ne" coniniisslonci any suci
cstate cnccts money or Cfluehce vi ueoI WI. WHICH m
OF right shoIiu DC III TIC hihes vi Possession vi
such ne" commissioner
| Sec. 4 Be it further enacted, That all demands
| of creditors may be preferred and proved before
| such commissioner, and for all purposes connect
| cd with the investigation of the demands of any
person claiming to be 4 creditor as aforesaid, the
commissioner shall have power to administer All