The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-09
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

Z
of their corporate eXsten ideand useless to the
/ people of the State,
Section l. BE IL ciacted by TIE General assembly
Of tie State Of NO,fh- CnrOtind, and 1t rs hsre0y
! enacted by the uutt-ity oJ tie same, That If The
Stockholders of any of the Banks chartered by the
General Assembly OF this State sh..ll be unwilling
to close the business of their Banks by an assign
ment and are dcsrous to appropriate all tie estate
and effects of such Bank ior the benefit OF its
creditors, and TO close its business and surrender
their chartered rights and franchises in conforni-
| ty with the subsequent provisions OF thS act,
such Stockholders may by their bill in equity in
the name ofsuch Bank liicd in the Court OF Equity
of the county i'll which the principal Bank or amy
OF its branches may be located require the crcdlI
| tors of such Bank TO prefer and establish their
demands within such time (not less than twelve
months after decree thercfor) as shall be allowed
| by the Court The Court shall upon filing such
| bill appoint as commissioner suitable person
| 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 faithful discharge OF his duties i'll
| such 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
may allow.
Sec. p BE it further enacted, That the commits
soner appointed as aforesaid, upon filing the bond
required of him, shall forthwith become, and so
long he shall contiuc such commissioner and
longer, shall be vested with all the estate eff
fects and rights of action which such Bank posses
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 OF trans
ferred, including all debts due to such Bank or to
any person for its and ali liens and securities
therefor. The court may require such Bank by
its Cashier or other proper officer to endorse
without recourse, all such bills 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.
fecs of such Bank for the benefit of It's creditors
The commissioner shall have the like remedy to
recover and receive all the estate, debts and effects
belOngin to such Bank at the time OF filing lis
bill, such Bank might have had if no proceed
ingS had been had under this act; and should any
such Bank have made any sale or transfer of IFS
property effects, fraudulent us to lis creditors
bat valid as between the parties, in sucn clSt'S
such commissioner shall stand IN the place OF the
creditors, and may recover and receive s'IrA pro-
rcrtyor effects irauduiently sold transferred,
although Such Bank could not have done So In
all suits prosecuted by such Commissioner at
law or i'll Equity the plaintiff shall be styled The
COMMISSIONER (addns thereto the name of the
particular Bank for which he has been appointed
the Commissioncr,) ami IL at the lime OF HING
such bill by ANY Bank any action nj Law or pro-
cecding suit in Equity shall be pending il the
name OF such Bank for the recovery of am estate,
debt or demand which might or ought to be vested
in such Commissioner Il iorcs:id, such Commits
sioner shall be ADMITTEDLY prosecute the sli..e III
like manner and to ketttect; AID no suit pend
ing at any time for the recovery OF any estate,
debt or demand in the name OF such Commissions
cr shall be abated by the death OF rrcoval Of such
Commissioner, buta CommisSioRerto be appoint
cd in sIch Gas is hereinafter proTdcG} shall
be admitted TO prosecute the same in Ike manner
and to like effect as if the same had been origin
ailY commenced by him.
Sec s. b; Il fiytlteI. enacted, 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 unrca-
soaaDly delay or neglect to obey any rulc, orGcr
decree of the court, it shall DC the duty OF the
court to remove such Commissioner; and upon
such removal or upon any vacancy 10y death or
otherwise, the court shall appoint some other
person Commissioner, who sllaii enter into bond
in such sum the court shall direct il like man
ner and for the like and purposes provided
in OF the Commissioner first appointed;
and thercunon all the estate, property, effects
debts and rights of action vested in such Bank
after the time of filing lis bill, not before lawfully
disposed OF by any former Comnlissioncr, shall be
forthwith vested in such new commissioner
legally and ctfcctualy as if he had been the com
missioner first appontcd and the court shall have
the power 10 require any former commissioner or
the representative of any deceased commissioner,
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. + Be Il tnrfie. 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 Il creditor aforesaid, the
commissioner shall have power to administer all
oatlls required in the course of such proceedings.
Any supposed creditor whose claims shall be
wholly or i'll part disillowcd by any commission
er, may appeal to the Court, where the shall
be determined according TO the course of the
Court, decided at law, the court may direct;
and in all such appeals the case shall be docketcd
in the name of the creditor against "The Com
missioner of -'' (adding the name of the Bank
of which he is commissioner and shall bc 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 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 or not the account between
the parties shall be stated, and one debt shall be
set off against the other and the balance of such
cI,al th.ir
side respectively; and the costs in all shall
be paid by either party the court shall direct.
The commissioner shall from time to time pre-
pare statements in writing of all claims allowed
by him; showing the character of such claims and
the evidence on which their validity is based
and there shall be application of any funds in
the hands of such commissioner to the satisfac-
ton in whole or in part of any claim whatever,
except under 4 rule or order of the court there
for.
Sec. s. Be ut further enacted, That the court shall
make all proper orders and DEGREES for the 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 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 out of the assets in hands
of such commi SSioner, 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 other proceed
ing in equity; and any suit brought for their re-
covery otherwise than is herein provided shall on
the plea of the commissioner of such Bank be
abated, on his motion be dismissed.
Sec. g. Be fit5the, enacted, That it shall not be
necessary in any bill filed under this act, to make
any particular persons corporations parties by |
name, but it shall be sufficient if the defendants
be deH0minatcd 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 AS it may be flied in at least
fifteen newspapers one of which shall be Dub- |
lshed in the City of Raleigh; one in the city of
Charleston, s. e.; in the city of Richmond, !
Va; one in the city of Baltimore, Md; 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.
See z Bea further enacted. 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 MS chambers, from time to time to make any /
such rules, orders or DEGREES as may be necessary
or required for expediting the settlement of all |
cont OVERSEES sic between any commissioner appoint
ed under this act and other parties, for the guild
anee and instruction of any commissioner in auy
matter connected with the discharge Of his duties
for the removal or appointment of commission
er, or for the speedy execution of any of the