The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-05-05
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE

credit, hCNVy UUV
eminent on the Banks of the State, makes it alb
solutely necessary that said Banks should Close
their business, and renders a further contnu nce
of their corporate existence idle and useless TO tht
people of the State,
Section l. Be It enacted By the General Assena6ts
Enacted by tie autl,ity of the same That if the
Stockholders of any OF the Banks chartered by the
General Assembly of this State shall be unwilling
10 close the business of their Banks by an assign
ment and DESTROYS to appropriate all the estate
and effects of such Bank Tor the benefit OF its
creditors, and to close its business and surrender
their chartered rights and franchises in conforml-
ty with the subsequent provisions of this act,
such Stockholders may by their bill i'll equity in
the name of such Bank filed in the Court of Equity
Of the county in which the principal Bank or any
of its branches may be located require the credi-
tors of such Bank to prefer and establish their
demands within such time (nOt less than twelve
months after decree terefOr) us shall be allowed
by the Court. The Court shall upon filing such
acquainted with the business of such Bank, who
shall be paid for his services such sum as may be
allowed by the court. Such commissioner shall
give bond with ample security, payable to the
State for the faitEful discharge of his duties in
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
See 2 Be it further enacted That the commits
sioner appointed aforesaid, upon filing the bond
required of him. shall forthwith become, and SO
long he shall contiue such commissioner ana
longer, shall be vested with all the estate et
fects and rights of action which such Bank possess
sed had or held or was vested with, at the time
of filing 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 It's and all liens and securities
therefor. The 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
other paper writings as the court shall deem ne
cessary 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
and receive all the estate debts and effects
belonging to such Bank at the time of filing its
bill, as such Bank might have had II no proceed
ings had been had under this act; and should any
such Bank have made any sale or transfer OF lis
property or effects, fraudulent to its creditors
but valid rs between the parties, In such cases
such commissioner shall stand in the place of the
creditors, and may recover ard receive such pro-
pertyor effects traudulently sold or transferred,
although such Bank could not have done so. In
all suits prosecuted by such Commissioner rat at
law in Equity the plaintiff shall be styled The
commissioner" (addng thereto the name OF the
particular Bank for which he has been appointed
the COMMISSIONER and if at the time OF hing
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 rs Aforesaid, such Commls-
-ioner shall be admitted to prosecute the same i'll
ike manner and to like effect ard no suit pend
ing at any time for the recovery of any estate,
lcbt or demand in the name of such Commission
r shall be abatcd by the death or removal of such
Commissioner, buta COMMISSIONER be appoint
ne admitted to prosecute the same in like manner
md to like effect us if the same had been origin
lilly commenced by him.
Sec. =. 81 1t further eHdcted, That the Commits
siOner aforesaid shall in all things connected with
the discharge of his duties Commissioner, act
under the direction and order, of the court; and
II any such Commissioner shall refuse or unrca
SOnably delay neg ect to obey any rule, order
decree of the court, it shall be the duty OF the
court to remove such Commissioner; and upon
such removal or upon any vacancy by death or
otherwise the court shall appoint some other
person Commissioner, who shall enter into bond
in such sum the court shall direct in like man
and for the like and purposes as provided
in cases of Tie Commissioner first appointed;
and thcrcupon all the >cstate, property, effects
debts and rights of action vested in such Bank
aft the time OF filing its bill, not before lawfully
disposed of by any former Commissioner, shall be
forthwith vested in such new commissioner Us
legally and ctfucually is if he had been the COM
missioner first appontcd; and The court shall have
the power to require any former commissioner or
the representative of any deceased commissioner,
to surrender 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.
See. + b il 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 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 i'll part disallowed by any commission
cr may appeal to the Court, where the same shall
be determined according TO the course of the
Court decided at law, the court may direct;
and in all such appeals the shall be docketcd
i'll 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 1t
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
lac q DlVablp account between
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 either
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 alloWea
by him showing the character of such claims and
the evidence which their validity Is based
and there shall be no application of any funds In
the hands of such commissioner to the satisiac-
ton in whole or in part OF any claim Whatever,
except under rule or order OF the court there
for. ,
Sec s. Be it fts,the,. euacted 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 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, as the court shall order
and direct; and all 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 or other proceed
ing in equity; and any suit brought for their re-
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 it 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 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. G.; one in the city of Richmond
Va; one in the city of Baltimore Md; one 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. Bel fLrtherendcted, 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 as may be necessary
required for expediting the settlement of all
CONT OVERSEES between any commissioner appoint
ed under this act and other parties, for the guild
ance and instruction of any commissioner in any
matter connected with the discharge of his duties,
| e s~1,~ Glow,