The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-09-18
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

|
t solutely necessary that said Banks should close
their business, and renders further continuance
their corporate idle and useless to the
, | people of the State,
Section l. Be it enacted 6y the General assembly
Of the State Of North Carolina, and II is HEREBY
Stockholders of any of the Banks chartered by the
General Assembly of this State shAll be unwilling
to close the business of their Banks by an assign
ment and are 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 conform-
ty with the subsequent provisions of this act
such Stockholders may by their bill in 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 DC
sued on for the use of such persons as the court
Sec q Be it further enacted, That the commits,
soner appointed as aforesaid, upon filing the bond
| required of him. shall forthwith become, and SO
| long as he shall contiue such commissioner and
no longer shall be vested with all the estate, e.
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
eiooisoAiSO
ferred, including all debts due to such BANK or 10
any person for its and all liens and securities
| therefor. The court may require such BANK by
it's 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 eects
belonging to such Bank at the time OF filing Its
t-.r hotyfl had no
| ings had been had under this act; and should any
| such Bank have made any sale or transfer OF It's
property effects, fraudulent as to It's creditors
| but valid as between the parties, in such cases
such commissioner shall stand i'll the place OF the
creditors, and may recover and receive such pro-
pertyor effects traudulently 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
ceeding 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 aforesaid such Commits
sioner shall be admitted to prosecute the same in
! like manner and to like effect and no suit pend
ing at any time for the recovery of any estate,
debt or demand in the name of such Commission
cr shall be abated by the death or removal ofsuch
Commissioner, but a Commissioned 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
soner aforesaid shall in all things connected with
the discharge of his duties as Commissioner, act
under the direction and orders of the court; and
il any such Commissioner shall refuse or unrca-
sonably delay neglect 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 upon any vacancy by death or
otherwise, the court shall appoint some other
person Commissioner, who shall enter into bond
in such the court shall direct in like man.
in cases of the Commissioner first appointed;
and thereupon all the estate, property, effects
debts and rights of action vested in such Bank
after the time OF filing its bill, not before lawfully
disposed of by any former Commissioner, shall be
legally and effcctualy as if he had been the com
missioner first appointed; and the court shall have
the power to 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 l. Be il 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 as 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 in part disallowed by any commission
err may appeal to the Court, where the same shall
be determined according to the course of the
Court decided at law, rs the court may direct
and i'll all such appeals the case shall be docketed
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 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
account only shall be allowed or paid on either
tr,o shall
be paid by either party as the court shall direct.
The commissioner shall from time to time pre-
pare statements III writing OF all claims allowed
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 satisfac-
ton in whole or in part of any claim whatever,
except under a rule or order of the court there
for.
Sec s. Be it 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 out of the assets in hands
of such commits ioner, 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
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 plea of the commissioner of such Bank be
abated, or on his motion be dismissed.
Sec. 6. Be 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 so soon as 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
VA one in the city of Baltimore Md; one in the
city of Philadelphia; one in the city OF New York;
in the city of Augusta, Ga; one in the city of
and one in the city of Nashville, Tenn.
Sec. O. Belt 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 his chambers, from time to time, to make any
such rules, orders DEGREES may be necessary
or required for expediting the settlement of all
CONT OVERSEES between any commissioner appoint
nnd of
matter connected with the discharge of his duties,