Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-09-20
THE BANKS.


On the outside of this issue, will be found
the memorial of sundry Banks of this State
in reference to the penalty to which they
are liable under their charters, and which
was presented to the Legislature last week.
As the subject is matter of considerable
interest to the public, we subjoin bill pre-
sented in the Senate by Mr.. BUST, of
Charleston, to enable the Banks to 60 into
liquidation:
Be 1t enacted, by the Senate and House
of Representatives, now met and sitting in
General Assembly, and by the authority of
the same, That it shall be lawful for any
Bank in this State, which may have sus-
pended specie payment before the passing
of this Act, at any time within six months
after its passage to apply, by petition, to
any of the Chancellors of this State for
Commission to put in liquidation the affairs
of the said Bank; whereupon the said
Chancellor shall, by a short order endorsed
on the said petition, appoint the President
and Board of Directors then in Office, or
such of them as he shall see fit, Commits
sion for the said purpose; and the effect of
the said order shall be equivalent to an
assignment transferring all the estate, rights
and credits of the corporation to the said
Commission, and vesting it with all the
rights and title of the corporation and the
said Commission shall thereupon proceed
to collect the assets, and sell and dispose of
the property, and shall apply the proceeds,
after payment of all proper charges and
expenses, and after discharging all legal
leins, rateably and in proportion, among all
the creditors of the said Bank, who shall
come in and prove their demands in manner
hereinafter set forth.
2. The investment by any of the said
Banks of any part of its assets in notes or
securities of the Government of the late
Confederate States, shall not be deemed or
taken as evidence of mismanagement or
breach of duty; and in case any Of the
said Banks shall, by reason of depreciation
of such notes or securities, or of diminution
of its assets through the calamities of the
late war, be unable to discharge its liabili-
ties, none of the penalties or forfeitures
provided by law against any Bank or its
directors shall be enforced; nor shall the
stockholders be required to pay the penalty
imposed on them by the charters of the
said Banks; but all and singular the said
penalties are hereby released.
8. The Commission shall have the same
powers in collecting the assets, bringing
suits, making sales, and compounding with
debtors and creditors, as are entrusted to
the Board of Directors by the charter, and
may, in all cases of doubt, ask the iDstruc.
tions of the Chancellor for its guidance.
4. Upon the issuing of the Commission
as asaforesaid, public notice shall be advertised,
calling upon all creditors of the Bank to
present to the Commission, within six
months, attested statements of their respec-
tive demands; and all creditors shall file
such statement within the said time, or be
foreHer- debarred frnI- -r--s.,ine THAR
claims; and all claims presented shall be
open to challenge and investigation in the
Court of Equity, according to the practice
of that Court in administering assets.
5. Whenever sufficient amount of mo-
ney shall be realized from the assets, the
Commission shall distribute the same by
making dividends among the creditors
whose claims have been established; and
whenever matters are ready for final dis.
tributiou, public notice thereof shall be
advertised; and upon the same being car
ried out and approved by tile Court, the
Commission shall be discharged and the
corporation be dissolved.
6. In all cases of claims for bank notes,
or as assignee or indorsee, the claimant
shall, in his affidavit of claim, set forth, as
nearly as may be practicable, the date at
which he acquired his claim, and the con-
sideration paid BY him for the same; and
if the same were acquired after the suspen-
sion of specie payments by the Bank, the
claim shall be adjusted as of the value of
such consideration or, if that cannot be
shown, then at the market value of the
notes or debt assigned, at the date at
which they were acquired by the claim
aut.