The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1866-04-17


80 1ect;on of the assets of such Bank Of every ma
,n,s and description, and for the payment Of the
ooe,s and expenses incident to the proceedings
The creditors whose claims and demands have been
nroyed 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 same ont of the assets In hands
of such commissioner, as the court shah order and
direct; and all such claims and demands not pros
ecuted, 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 or other pro-
ceeding in equity; and any suit brought for their
recovery otherwise than is herein provided shall
on the plea of the commissioner of such Bank be
sbated. or on his motion he dismissed.
Sec 6. Be it further enacted, That it shall
not be accessory 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 par
ticular Bank in behalf of which suit may be
instituted; and notice of the bill shall be pub
lished for the space of ttirty days SO soon as it
may be filed in at least fifteen newspapers, one
of which shall be published in the city Of
Raleigh; one 10 the city of Charleston, S. c.;
one in the city of Richmond, Va; one in the
city of Baltimore, Md one in the city of Phila-
deiphia; one in the city of New York; one in
the city of Augusta Ga; one in the city Of Mont
gomery, Ala; one in the city of New Orleans;
and one in the>city of Nashville, Tenn.
Sec. T. Be it further enacted, That any one
of the Judges of the Supreme Court or of the
Superior 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 set
Element Of all controversies between any COM
missioner appointed under this act, and other
parties, for the guidance and Instruction of any
commissioner in any matter connected with the
discharge of his duties, for the removal or ap-
pointment of a commissioner, or for the speedy
execution of any of the powers by this act con-
ferred on court of equity.
Sec 5. Be it further enacted, That the
filing by or on behalf of any Bank, Of a bill in
the court of equity under the provisions of this
act, shall, upon the appointment and qualifca-
ton Of commissioner Hereunder, be deemed
and taken to all iutents and purposes to be a
surrender by such Bauk of all the corporate
RIG hts and franchises granted to such Bank; and
all laws by virtue of which any such Bank then
exists as a corporation are hereby repealed and
such corporation shall be thereupon dissolved,
and all the effects and consequences following
or incident to the dissolution Of corporation at
common law shall ensue thereon; any statute
law Of this State to the contrary notwithstand-
ing. Prouided, hoUeuer, That the estate prop
erty, and rights of action vested in the commits
sioner, as provided by this act shall not be in
any way diverted or impaired thereby nor shall
the rights of any creditor of such Bank against
such commissioner or against the estate or ef-
fects so vested in him, be thereby impaired or
in any way affected, and such commissioner
shall thereupon be considered as the plaintiff 10
the pending proceedings; and prouided. further,
that should there be any balance remaining in
the hands of any such commissioner after the
satisfaction of the claims of such creditors, the
com missioner under the direction of the court
shall distribute and pay the same to and among
those who shall be justly entitled thereto as hav-
ing been stockholde or members of such cor
poration at the time of its dissolution as afore.
said, or their legal representatives.
Sec 3. Be it further enacted, That all suits
on debts due the Banks contracted with a
branch Bank shall be brought in the county
where the branch was established, and if brought
in any other county may be dismissed on motion
Sec. 10. Be it further enacted, That this
act shall be in force from and after its ratifca
ton.
[Ratifcd the 18th day of March, 1861