The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-09-04
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

I prnmCnt OM tlG
solutely necessary that said Banks should close
their business, and renders further continuance
of their corporate existence IDLE ana useless W le
people of the State, -,
Section l. Be ii enacted 6y the General Assembly
of the State Of North Carolina, and 1t IS here6y
enacted By The authatty Of the same, That II the
Stockholders of any of the Banks chartered by the
| General Assembly of this State shall be unWlllnS
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 benehG OF It's
creditors and to close its business and surrender
their chartered rights and franchises III M
| ty with the subsequent provisions OF tins act,
| such Stockholders may by their bill III equity IN
! the OF such Bank filed in the Court OF Eqully
OF the county in which the principal BANK OF any
OF its branches may be located, require the credi-
| tors of such Bank to prefer and estaollsn tnelr
| demands within such time (not less tlan IwelvG
months after decree therefor) shall be allowed
| by the Court. The Court shall 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 oe
| allowed by the court Such commissioner snail
give bond with ample security, payable to the
State for the faithful discharge OF his duties III
| such sum shall be approved by the court,
which bond shall be filed in court and may be
sued on for the use of such persons as the court
Sec 2 Be it further enacted, That the commits,
sioner appointed aforesaid upon filing the pond
required of him, shall forthwith become, ana SO
long as he shall contlue sucn COMMISSIONS any f
no longer shall be vested with all the estate, el-
fleets and rights of action which such Bank posses
| sed had or held was vested with, at the tlme
of filing such BILL and which such Bank coulu Ut
| that time have lawfully sold, assigned or trans
! ferred including all debts due to such BANK OF 10
any person for its and all liens and securities
| therefor. The court may require such Bank by
| It's Cashier OF other proper officer 10 endorse
without recourse, all such bills or notes, draw All
such checks orders for money and execute such
| other paper writings the court shall deem ne
cessary or useful to enable the commissioner to
demand or recover and receive the estate and e.
ttcts of such Bank for the benefit OF its creditors
The commissioner shall have the like remedy 10
and receive all the estate, debts ana cets
belonging to such Bank at the time OF fllng It's
bill as such Bank might have had If no proceed
ingS had been had under this act and should amy
such Bank have made any sale or transfer OF its
property effects, fraudulent as to It's creditors
but valid as between the parties, IN such eases
such commissioner shall stand III the place OF the
creditors, and may recover and receive such pro
perry or effects so iluululcntly sold or transferred
although such Bank could not have done so. In
all suits prosecuted by such Co"lriiSsi0ner at
law in Equity the plaintiff shall be styled The
Commissioner" (addng thereto the name OF the
particular Bank tor which he has been appointed
the COMMISSIONER and if at the time OF Hing
such bill 10y any Bank any action at law OF pro
cceding or suit in Equity Shall be pending III the
name Of such Bank for the recovery of any estate
deb. demand which might or ou5httO be vested
i'll such commissioners aforesaid, such Commits
siouer shall be admitted to prosecute the same i'll
like manner and TO like effect; ard no sult pend
inc at any time for the recovery OF any estate,
debt demand in the name OF such Commission
shall be abatcd by the death or removal OF such
Commissioner but i CommissiOncrtO be appoint
ed III such (as is hereinafter Frovde) snail
be admitted 10 prosecute the same in like manner
and like effect ii the same had been origin
ally commenced by him.
Sec s. iic ii Jusffe.. .aacied That tlie Commits
sioner aforesaid shall in all things connected with
the discharge of his duties rs Commissioner, act
under the direction and orders OF the court; and
il any such Commissioner shall refuse or unreal
sonably delay neglect to obey any rule, order
or decree of the court it shall be Tie duty OF the
court 10 remove such Commissioner; and upon
such removal or upon any vacancy by death or
otherwise. the court Shall appoint some other
person Commissioner, who snail enter into bond
III suth sum the court shall direct il like man
ner and Tor The like uses and purposes provided
in cases of the Commissioner first appointed;
and thcrcupon 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
legally and e1lc ctuaIly if he had been the
missioner first apPointed and the court shall have
the power to require any former commissioner or
the representative ofany deceased commissioner,
to surrender to such new commissioning any such
estate, effects, money evidence OF debt which
of right should be in the hands possession OF
such new commissioner.
See +. &. it f.,the' e,sGcted 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 10 be 4 creditor as aforesaid, the
commissioner shall have power to administer all
Oath5 required i'll the course of such proceedings.
ANY supposed creditor whose claims shall be
wholly or III part disallOwcd by any commission
err may appeal to the Court, where the shall
he determined according 10 the course of the
Court, decided at law, the court may direct
i'll the name OF the creditor against = he Com
missioner of - (adding the name o: the Bank
OF which he is commissioner and s!:ali he tried
and determined as suits between o her parties,
IN all III 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
be due and payable not, the account between
the parties shall DC stated, and one debt shall be
set off against tie other and the balance of such
account only shall be allowed or paid on either
side respectively; and the costs i'll all cases shall
be paid by either party us the court shall direct.
The commissioner Snail from time TO time pre-
pare statements i'll writing of all claims allowed
| by iim 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 satislac
ton in whole or i'll part OF any claim whatever,
except under rule or order OF the court there
for
See J. Be ii further cnuctca, That the court shall
make ali proper orders and DEGREES fOrthc colec-
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 aforesaid against the
estate and effects OF such Bank i'll the hands of the
commissioner, shall be entitled 10 payment in
satisfaction of the same out of the assets in hands
of such commissioner, the court shall order
and direct; and ali such claims and demands not
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 in equity; and any suit brought for their
covery otherwise than is herein provided shall
the pea of the commissioner of such Bank be
abatcd, on his motion be dismissed.
Sec. t. Be FURTHER e1adcted, That it shall not be
necessary i'll bill filed under this act, to make
any particular persons or corporations parties by
name, but it shall be sufficient if the defendants
| in behalf OF which suit may be instituted and
notice of the bill shall be published for the space
of thirty days so soon as it may be filed in at least
! fifteen newspapers, one of which shall be pub
liShed in the City of Raleigh; in the city of