The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1866-04-17
rHE N. c. BANKING Law.
n Act 10 enable the Banks of the State to
close their Business.

Z g III W.
In Act 10 enable the Banks of the State to
close their Business.
: WHEREAS the financial policy of the Federal
Government adopted to maintain the national
redit, with the heavy taxes imposed by that GOV
rnnent on the Banks Of the State, makes IL ao-
elu:ely necessary that said Banks should e'ose
heir business, and renders further continuance
If their corporate existence idle and useless TO the
people of the State,
See. !. Be it enacted by the General As
,enably of The State of North Carolina ana
!. herebr enacted By the outhori:y of the same,
That if the Stockholders of any of the Banks
chartered by the General Assembly of this State
,ball be unwilling to close the business of their
Banks by an assignment, and are desirous to ap-
nronrate all the estate and effects of such Bank
for the benefit of its creditors and to closets bust
ness and surrender their chartered rights and
franchises in conformity with the subsequent pro-
visions 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 its branches may be To-
Gated, require the creditors Of such Bank to pre-
fer and establish their demands within such time
mot less than twelve months after decree thereor)
ms shall be allowed by the court. The court
shall upon filing such bill appoint as commits
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 forthe faith
full discharge of his duties in such sum as 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 COM
missioner appointed as aforesaid, upon filing the
bond required of him, shall forthwith become
and so long as he shall continue such commIs-
sioner and longer, shall be vested with all the
estate, effects and rights of action which such
Bank possessed, had or held or vested with,
at the time of filing such bill, and which such
Bank could at that time have lawfully sold, as
signed or transferred, including all debts due to
such Bank or to any person for its use and all
liens and securities therefor The court may re-
ouire such Bank by its Cashier or other proper
officer to endorse without recourse, all such bills
.or notes, draw all such checks orders for
money and execute such other paper writings as
the court shall deem necessary useful to enable
the commissioner to demand or recover and re-
ceive the estate and effects 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, such Bank
might nave ndu III no proceedings hdu oeeu hau
under this act; and should any such Bank have
made any sale or transfer ofits property effects,
fraudulent as to its creditors but valid between
the parties, in such cases such commissioner shall
stand in the place of the creditors, and may re-
cover and receive such property or effects so
tfrauduienty sold or transferred, although such
Bank could not have done In all suits prose-
.euted by such COMMISSIONS: at law or in Equity
the plaintiff shall be styled 1.-The Commissioner"
(adding thereto the name of the particular Bank
for which he has been appointed the Commission
cry ard if at the time of filing such bill by any
Bank any action at law or proceeding or suit in
Equity shall be pending in the name of such
Bank for the recovery of any estate, debt or de-
in such Commissioner as aforesaid, such Commis-
sioner shall be admitted to prosecute the same in
iiike manner and to like effect; and suit pend
ling at any time for the recovery of any estate,
= debt or demand in the name of such Commits
soner shall be abated by the death or removal of
such Commissioner, but Commissioner to be
appointed in such cases las is hereinafter prov-
ded) shall be admitted to prosecute the same in
like manner and to like effect as if the same had
been originally commenced by him.
Sec. g. Be it further enacted, That the Com
missioner aforesaid shall in all things connected
with the discharge of his duties Commissioner,
act under the direction and orders of the court;
and if any such Commissioner shall refuse or I'M
reasonably delay or neglect to obey any rule.
.erder 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
lin such sum the court shall direct in like man
.ner and for the like uses and purposes as prov
rded 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 le-
-gally and effectually as if he had been the COM
missioner first appointed; and the court shall
have the power to require any former commits
sioner or the representative of any deceased COM
missioner, to surrender to such new commissioner
any such estate, effects, money evidence of debt
(which Of right should be in the hands or posses
sion of such new commissioner.
Sec. 4. 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 creditor as aforesaid, the
commissioner shall have power to administer all
oaths required in the course of such proceedings
Any supposed creditor whose claims shall be
wholly or in part disallowed by any commission
ser, may appeal to the Court. where the same shall
be determined according to the course of the
Court, or decided at law AS the court NAV direct
and in all such appeals the case shall be docketeG
in the name of the creditor against The Commits
sioner of -" (adding the name of the Banl
of which he is commissioner and shall be triel
and determined as like suits between other parties
IN all cases in which any such commissioner shall
hoo ,hafb l,c,, .