The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-18
The N. G.. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

WHEREAS, The financial policy OF the Federai
Government adopted to maintain the natlonal
credit with the heavy taxes imposed by that Coy
eminent on the links OF the State, makes IL an
solutcly necessary that said Banks shouia Close
their business, and renders further contlnu NICE
of their corporate existence idleand useless 10 the
people of the State, r,,,,
of tile State Of North Carolina, and u az hereoy
enacted by the Guth1ity Of TIE same, lhaI III tne
Stockhoiders OF any OF the Banks chartered oP the
General Assembly OF this State sh.ll be unwlliinS
to close the business of their Banks by an assign
ment and DESTROYS to appropriate all the estate
and effects OF such Bank Tor the Dement, OF its
creditors, and to close its business ana SURRENDER
their chartered rights and franchises III conloiii
ty with the subsequent provisions OF TINS act,
such Stockholders may by their bill IN equity IN
the name of such Bank filed in the Court of Equity
OF the county in which the prlLclpal BANK OF any
o Is branches may be located, require the creol-
| tors OF such Bank to prefer and establish thelr
demands within such time (not less than twelve
months after decree theretor) as shall be allowed
| by the Court. The Court snail upon filing such
bill appoint commissioner suitable person
| acquainted with the business OF such Bank, VINO
shall be paid for his services such sum as may De
allowed by the court Such commissioner sla a
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
| sued on for the of such persons as the court
| may allow.
See 2. BE it further enacted, That the commits,
sioner appointed aforesaid, upon filing the bona
| required of him, shall forthwith become, ana SO
| long AIS he shall contiue such commissioner ana
no longer shall be vested with all the estate, el
fccts and rights of action which such Bank posses
sed, had or held vested with, at the time
of 1iling such bill, and which such Bank could at
that time have lawfully sold, assigned or trans
fcrred 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 py
its Cashier or other proper officer TO endorse
without recourse, all such bills or notes, draw all
such checks orders for money and execute such
other paper writings lis the court shall deem ne
cessary useful to enable the commissioner 10
|
fleets Of such Bank for the benefit OF It's creditors
| The commissioner shall have the like remedy 10
and receive all the estate, debts ana elects
belonging to such Bank at the time OF ming lis
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 rs between the parties, IN such cases
such commissioner shall Stalla ID the piacc "l INC
| creditors and may recover and receive such pro-
pcrtyor effects fraudulently sold or transferred
| although such Bank could not have done SO. In
| all suits prosecuted by such Commissioner At
law or in Equity the plaintiff shall be styled " The
Commissioner" adding thereto the name OF the
particular Bank for which he has been appointed
! the COMMISSIONER and if Mt the time OF filing
such bill by any Bank any action at law or pro
name OF such Bank for the recovery of any estate
| debt or demand which might or ought 10 peVested
| in such Commissioners as aforesaid, such CommlS
sioner shall be admitted to prosecute the same i'll
like manner and to like effect; ard no suit pend
| ing at any time for the recovery OF any estate
| debt or demand i'll the name OF such Commission
|
| Commissioner, butu Commissioner TO be appoint
ed in such las is hereinafter provldcd) shall
be admitted to prosecute the same in like manner
| ana TO like effect us If the same had been origin
| ally commenced by him.
| See a. BE il Turther enacted, That the Commits
sionrr aforesaid shall i'll all things connected with
| the discharge of his duties as Commissioner, act
| under the direction and order, OF the court; and
| il any such Commissioner shall refuse or unrea-
| sonaDy delay or 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 the court shall direct in like man
and for the like and purposes as provided
! in cases OF The Commissioner first appointed;
| and thereupon all the estate, property effects
| debts and rights of action vested i'll such Bank
after the time OF filing its BILL not before lawfully
disposed OF by any former Commissioner, shall be
| forthwith vested i'll such new commissioner rs
! legally and ettccuay : if he had been the com
missioner first appoiuted and the court shall have
! the pOwert 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 or possession OF
| such new commissioner.
! Sec. l. b 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 be IL creditor aforesaid, the
! commissioner shall have power to administer all
oIths required i'll the course OF such proceedings.
/ ANY supposed creditor whose claims shall be
er, may appeal to- the Court, where the same shall
| be determined according 10 the course of the
Court decided at law, as the court may direct;
and in al such appeals the case snail 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 suGh commissioner shall
be party, whether plaintiff defendant, and it
| shall appear that there has been mutual credit
! given by the Bank, and any other corporation or
any person vino Is the opposite party, or there
mutual debts between them, whether such debts
! be due and payable or not, the account between
the parties shall be stated, and one debt shall be
set OF against the other and the balance of such
| account only shall be allowed paid either
side respectively and the costs in all 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 no 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
| Tor.
Sec. D. BE further enacted, That the court shall
make all proper orders and DEGREES for the collcc
| ton OF the 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 aforesaid against the
estate and effects OF such Bank in The hands of the
| commissioner, shall be entitled to payment in
satisfaction OF the same out of the assets in hands
| of such commissioner, the court shall order
/
| prosecuted, proved and established according to
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 other proceed
| ing i'll equity; and any suit brought for their
covery otherwise than is herein provided shall on
| the pea of the commissioner of such Bank be
abated, or on his motion be dismissed.
Sec. g. BE FURTHER enacted, That it shall not be
necessary in any bill filed under this act to make
any particular persons or 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 of the bill shall be published for the space
of thirty days soon as it may be filed in at least
| fifteen newspapers, one of which shall be pub
lished in the City of Raleigh; one in the city of
| Charleston S. e.; one in the city of Richmond,
Va; in the city of Baltimore, Md; one in the
city of Philadelphia; one in the city OF New Y DIRK
one in the city of Augusta, Ga; one in the city of
| Montgomery, Ala; one i'll the city of N. Orleans
| and one in the city of Nashville, Tenn.
Sec. z. Belt ItErther cngctea That any one of the
the Judges OF the Supreme Court, or of the Su-
perior Courts of law and equity, shall have power
at his chambers, from time to time, to make any
SUCH rules, orders or DEGREES may be necessary
| or required for eXpediting the settlement Of all
CONT OVERSEES between any commissioner appoint