The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-26
RALEIGH, N. c., TUESDAY
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

| WHEREAS, The financial policy of the Federal
| Government adopted to maintain the national
| credit with the heavy taxes imposed by that Gov
ernment on the Banks of the State makes it aI,-
solutely necessary that said Banks should close
their business, and renders a further continu nce
of their existence idle and useless to the
people of the State,
Section /. Be it enacted By the Genera assembly
OF the State Of North. Carotsna' ana s1 rs IS .ers6y
Stockholders of any OF the Banks chartered by the
General Assembly of this State shall be unwilling
ment and are desirous 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 conformi-
| 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 therefor) as shall be allowed
by the Court The Court shall upon filing such
bill appoint as commissioner a 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 in
| 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. 2. Be it further enacted, That the commits
sioner appointed aforesaid upon filing the bond
required of him, shall forthwith become, and so
| long as he shall contiuc such commissioner and
no longer, shall be vested with all the estate eff
fects and rights of action which such Bank posses
| sed, had or held was vested with, at the time
| of filing such bill, and which such Bank could at
| that time have lawfully sold, assigned or trans
ferred, including all debts due to such Bank to
any person for its 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 notes, draw all
| such checks orders for money and execute such
other paper writings as the court shall deem ne
| cessary or useful TO enable the commissioner to
| demand 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
recover 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 if no proceed
| ings had been had under this act; and should any
such Bank have made any sale or transfer OF its
property effects, fraudulent as to its creditors
but valid as between the parties, in such cases
such commissioner shall stand in the place of the
| creditors and may recover and receive such pro-
pertyor effects fraudulenty sold or transferred
although such Bank could not have done so. In
all suits prosecuted by such Commissioner at
law or in Equity the plaintiff shall be styled The
Commissioner" (adding thereto the name of the
particular Bank for which he has been appointed
the COMMISSIONER and if at the time of filing
such bill by any Bank any action at law or pro-
cecding 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 as aforesaid, such Commits
| sioner shall be admitted to prosecute the same in
! like manner and to like effect; and suit pend
ing at any time for the recovery of any estate,
| debt or demand in the name of such Commission
Commissioner, but Commissioner to be appoint
ed in such cases Gas is hereinafter Provided shall
be admitted to prosecute the same in like manner
and to like effect if the same had been origin
| ally commenced by him.
| Sec. 3. Be it further enacted, That the Commits
sioner aforesaid shall in all things connected with
| the discharge of his duties as Commissioner, act
| under the direction and orders of the court; and
if any such Commissioner shall refuse unrea-
| sonably delay neglect to obey any rule, order
or 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
ner and for the like uses and purposes as provided
| and thereupon all the estate, property, effects
| debts and rights OF action vested in such Bank
after the time OF filing its bi not before lawfully
disposed of by any former Commissioner, shall be
| forthwith vested in such new commissioner
| legally and etfectualy as if lie had been the COM
missioner first appointed; and the court shall have
| the power to require any former commissioner
| the representative of any deceased commissioner,
| to surrender to such new commissioner any such
| estate effects, money r evidence of debt which
of right should be in the hands or possession of
| such new commissioner
| Sec l. Be ii 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 creditor US aforesaid, the
| commissioner shall have power to administer all
oaths required in the course of such proceedings.
| Any supposed creditor whose claims shall be
! err may appeal to the Court, where the same shall
| be determined according to the course of the
Court or decided @ at aw as sne e6uTt 6 IN may
| in 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 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, there are
| 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
| account only shall be allowed or paid on eitheir
side respectively and the costs in all 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 allowed
by him; showing the character of such claims and
| the evidence on which their validity is based
| the hands of such commissioner to the satisfac-
tion in whole or in part of any claim whatever,
| except under rule or order of the court there
| for.
Sec 5. Be it further enacted 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 accordingito
the provisions of this act within the time allowed
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, or on his motion be dismissed
Sec. 6. Be it further 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 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 so soon it may be filed in at least
fifteen newspapers, one of which shall be pub
hed in the City Of Ralegh h one in the city Of
Va; one in the city of Baltimore, Nd. one in the
city of Philadelphia; one in the city OF New York
one in the city of Augusta, Ga; in the city OF
Montgomery, Ala; one in the city of N. Orleans;
| and one in the city of Nashville, Tenn.
Sec. e. Be it further enacted, That any one of the
| the Judges of the Supreme Court, or of the SUI
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