The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-07
The N. G.. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE

4 i
l. WHEREAS The financial policy o. inc = eaeIa,
Government adopted to maintain the nati ~
credit with the heavy taxes imposed py tnaI uos-
ernrnent on the Bliss OF tig ps Sa.' shonid close
their business and renders a further contlnu mce
t. of their existence idle ana useless 10
Saction l. Be il enacted By the General assembly
of the State of A0rta- Carolina, and II rs hersoy
Gg e OF the Banks chartered by the
General Assembly of this State shall De ui"n!lnS
TO close the business of their Banks by an ass!sn
ment and DESTROYS to appropriate all tue
and effects of such Bank Tor the benefit OF It's
creditors and to close its business ana surrehoer
their chartered rights and franchises IN conloli nm
tv with the subsequent provisions OF TINS ACT,
such Stockholders may by their Dill III equity III
the name of such Bank filed in the Court OF Equity
O It's branches may be located, require the cfeoi
tors of such Bank to prefer and estaollsn tnelr
months after decree therefor) as shall be allowed
by the Court. The Court shall upon ming sucn
bill appoint commissioner suitable person
acquainted with the business OF such BANK VINO
shall be paid for his services such sum as may pc
allowed by the court. Such commissioner snail
give bond with ample security, Payaole 10 Inc i
State for the faitEf full discharge OF his duties IN
such sum as shall be approved by the court,
which bond shall be filed in court and may De
sued on for the use of such persons us the court
See. ?. be it further enacted, That the commits,
sioner appointed as aforesaid, upon filing the poho
reouired of him, shall forthwith become, and SO
long as he Shall contiue such commissioner and
no longer shall vested with all the estate, ei-
fects and rights of action which such Bank posses
scd had or held o vested with, at the time
of filing such bill, and which such BANK coulu aI
that time have lawfully sold, assigned OF Trans
ferred including all debts due to such Bank or TO
any person for It's use and all liens and securities
therefor. The court may require such Bank by
its Cashier or other proper olncer TO s enlor SI
without recourse, all such bills or notes, draw all
such checks orders for money and execute sucn
other paper writings the court shall deem ne
cessarv or useful to enable the commissioner to
nd
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 eects
belonging to such Bank at the time OF ming us
bill, as such Bank might have had II no proceed
ings had been had under this act and should amy
such Bank have made any sale or transfer OF lis
property or effects fraudulent to IFS creditors
but valid between the parties, i'll such cases
such commissioner shall stand i'll the place OF the
creditors, and may recover and receive such pro-
pcrtyor effects lraudulcntly sold or trallsferreu
although such Bank could not have done so. In
all suits prosecuted by such Gommlssl9neTT i at
law or in Equity the plaintiff shall be styled " Inc
COMMISSIONER" adding thereto the name OF the
particular Bank for which he has been appointed
the COMMISSIONER and if at the time OF ming
such bill by any Bank any action at law or pro
ceeding or suit i'll Equity shall be pending III 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 Commls-
soner shall be admitted to prosecute the same III
like manner and to like effect; and no suit pend
ing Mt any time for the recovery OF any estate,
debt or demand in the name of such Commission
er shall be abated by the death removal OF such
Commissioner, buta Commissionerto be appoint,
ed in such cases as is hereinafter provided) shall
be admitted to prosecute the same i'll like MANNER
and to like effect as if the same had been origin
ally commenced by him.
See 5; Ls it targheI enacted That the Commits
sioner aforesaid shall in all things connected with
the discharge of his duties rs Commissioner, act
under the direction and orders OF the court; and
if any such Commissioner shall refuse or unrea-
sonably delay neglect to obey any rule, order
or decree of the court it shall be the duty OF the
f.hr atnn slIpl
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 rs the court shall direct in like
and for the like uses and purposes as provided
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 Commissioners, shall be |
forthwith vested in such new commissioner as |
legally and etfcctually as if he had been the com
missioner first appointed; and the court shall have
the powerto 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 possession OF |
such new commissioner
See l. Be it 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 Il creditor aforesaid, the
commissioner snail have power to administer all ,
oatlS required in tie course of such proceedings.
Any supposed creditor whose claims shall be
wholly or i'll part disallOwed by any commission
err may appeal to the Court, where the same shall
Court, or decided at law as 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 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
is q te RI nr her
mutual debts between them, whether such debts
be due and payable or not, the account between
the parties snail be stated, and one debt shall be
set off against the other, and the balance of such
account only shall be allowed paid ON either
side respectively and the costs in all cases 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;
and there shall be no application of any funds in
the hands of such commissioner to the satisfac-
ton in whole OF in part of any claim whatever,
except under rule or order OF the court there
for.
Sec. ). 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 as aforesaid against the
estate and effects OF such Bank in the hands the
shall be entitled to payment in
satisfaction of the out of the assets in hands
of such commissioner, the court shall order
ana direct; ana all Sucn claims and demands not
prosecuted, proved and established accordingSto
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
covery otherwise than is herein provided shall on
the plea of the commissioner of such Bank be
abated, on his motion be dismissed.
Sec. e. Be ii 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, ono of which shall be pub
lished in the City of Raleigh; one in the city of
Charleston, s. C.; one in the city of Richmond,
Va; one in the city of Baltimore, Md; 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. Z. Be it 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
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