The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-05-19
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE

uy,nn. m. n., -. 80, -,
co',r, tLe .l nii,heliii pocy VI INC reueri
uoScIhient aaopled 10 MAINTAIN the nauOhal
ereult WIN X neavy taxes imposed Dy Lhat GOV
ernment on The Banks OF the State, makes 1t an
soiuteiy necessary that sand Banks should close
Ii W BUSINESS, .liu [eue[s rurthSr eohtlnu '1ce
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oGc'on 1. DC u e.I@cteu oy "1e oeIetH hSSe"IOey
" "to os"ee ~ NU"1. C@'C'"o, u|e@ u =" .efeOy
St"c%,Iyer" ~ I IF am f ~ ~ Ran n',tG h m the the
SIochholaers oi any oi tne Dahhs cnaTlereu oE !he
uenei'i @ assGpis I'm ol tilis o!lte si'i pe ua"!nS
10 ciosc Ihe BUSINESS oi tnelr Danhs oy an assign
hen' aiu are oesiouS " aPPropTa'c ai Tue escate
ana eHects OF sucn BANK lot the penent OF its
crealt0rs ana 10 ciose It's business ana surrender
their chartered rights and franchises in conform-
ty with the subsequent provisions OF this act
such Stockholders may by their bill in equity III
the name of such Bank filed in the Court OF Equity
OF the county Ill which the prEclpal BANK or any
OF its branches may be located, require the cred-
tors OF such Bank to prefer ana estaonsn thelr
demands WITHIN sucn time mot lesS tii;ln WE'VE WE'VE
months after decree therefor) as shall be allowed
Oy the Court. Inc Court snail upon ming such
bill appoint as commissioner suitable person
acquainted with the business OF such BANK, VINO
shall be paid for his services such sum as may be
allowed by the court. Such commlssloner sn;iil
give bond with ample security, payable TO the
State for the faithful discharge OF his duties i'll
such sum as shall be approved by the court,
winch BOND shall be hied III court ana may be
sued on for the use OF such persons as the court
may allow.
See. = BE 1t further enacted, That the comms-
sloner appointed as aforesaid, upon filing the bond
required of him, shall forthwith become, and SO
long aS he shall contlue Such commissioner anu
no longer, shall be vested with all the estate, ef-
fccts and rights OF action which sucn Bank posses
scd 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
ferrcd including all debts due TO such BANK or 10
any person for Its use ana all liens anu securities
therefor. The court may require sucn BANK Dy
its Cashier or other proper o1hcer TO endorse
without recourse, all such bills notes, draw all
such checks or orders for money ana execute such
other paper writings us the court shall deem ne
cessary or useful to enable the commissioner TO
demand or recover and receive the estate ana e.
fccts of such Bank for the beneht OF It's credltors
The commissioner shall have the like remedy 10
and receive all the estate debts and effects
belonging to such Bank at the time OF hllng lis
bill, as such Bank might have had if no proceed
lnss had bcen had under this act; ana should any
such Bank have made any sale or transfer OF It's
properly or eHectS, fraudulent us 10 It's cTeultors
put 'na as De.weeh INC plIi@es, @ IL, % Snc "a tI
creditors, ana may recover ana receive sucn pro
perty effects so frauduiently sold or transferred,
although such Bank could not nave uone so. In
all suits prosecuted by such CommlssloneT at
law or IN Equity the piantli snail De styled ~ ne
CommlSsioner taddnS tnereto inc maine OF I tlie
particular BANK lor whlcn ne mas pech appointed @
the Comnlsslohcr,) ana IL AT thc tiinc Vi hiS
such bill by any Bank any action at law or pro
or SUI R Al I ~ sr. rncorE OF anu Sta m
name OF such 1h lpr .He reeorers ot - any ~
aept or 1e.iiu &c WLicu a, VI Ut 10 ~ CS
III suci II t II IL a. t t % ~ i i;
SipneI sl''il oe -uit ~. ~ tcu I r - - " ;t - ~
!lAe uaiihcL anu " IN eiiee., 'u ~ i SUI SUI - -
InS aI 'liiS tiiii' o - my t ~, ~ ~ r,'i!1,i<;n',' 1
dcot OF ueihthu III the h'ihc oi sucu SolhiS
cr siai! DC iioateu ny thc ocit vi ,ai VI si
commissioners ou'a W nt NJ ,I
ed IN Such cases lis Is hereinafter Prosie'Il sil
DC admitted 10 Prosccute Ihc s'iitc l iiNe iiiH.i
ana I'D hhe eneGt as IL the saiiio hao oe'" Vi
any comshehceI oS nun. r,. ., r,,,;
Sec. D. i'G J"r"x' e"elCteu' lh'I the Cotiiii.E
sloner aforesaid man III all thihSs conhec'eu VIA
the discharge Oh MS duties as commissioners uci
under tiis dircc,on ana oruero 4i me eonrt; anu
IL any suGii COMMISSIONS ~ s,ii iois @ i Ji S
so'lapf ueiit OF nesctt ~ mpeS any iur' t
vi t uec.Io % vi Wv" e i y ';"i,' ~ 80, ~ III VI nno
court 10 remove sach commissioner, anu upon
othcrwlsc, inc court Snail appoint some otheT
person Commissioner, VINO snail enter INTO Doha
IN such sum as the court shall direct in Ike man
ner and Tor the Iikc uses ana purposes as proFded
in cases OF the commissioner hrst appointedi
and thercupon all the estate, property, effects
debts and rights OF action vested in such Bank
after the time of ming Its Diii NOT before lawiuiy
disposed of by any former Commissioners, shall be
forthwith vested IN sucn new commissioner as
legally and chcctually as II he had been the COM
missioner first appointed; andthe court sial nave
the powert" require any FORMER commissioner OF
the representative OF amy uccc'scd commissioning
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. t. b. 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 to be u creditor as aforesaid the
commissioner shall have power to administer all
ouths required in the course of such proceedings.
Any supposed creditor whose claims shall be
wholly or in part disallowed by any commission
be determined according to the course OF the
Court, or decided at law, as the court may direct
and in all such appeals the case snail be docketed
in the name of tn: creditor against "Ihe Com
missioner of -" (adding the name OF the Bank
OF which he Is commissioner and shall be tired
anu m 's I'M suns oS ". 1on G,ei p
III an c'ses IN IN Wiz. .t az; % ~ afdt Ia -
pe parry, @ has =, 80 tnI ,t
snalI appear InlL IneIe mas peeh iiuoua ieuL ~
given Dy the baGh, ana any othel fpoI..ion ti VI
any person VINO Is te oPpose Paty or & te[e Ght hte
h d d yhIe nr not tn" accnnnf hetWeen
ne uuu ,o he or nG .nI nne debt ba ba
sne parties sna t DC a d any tb one .,anc f sncS
SET on against Lne otner, anu inc palance OF sucn
account only snail DG alowea or Pald M on eiehei e
M aid bS tr nart ' AZ ths onrt az sba 5irac
Tbp T p'lu uy b9u Is from time tn tine ne
nare stada1nente in writinn of all claims allowed
Pv him. shnwno the character of such Claims and
t y MN idsc S nI rhic Their yadtv is hasad
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,
exeent under a rule or order Of the court there
for.
Sec. s. Be it further enacted That the court shall
for fI,oo