The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-05-12
The N. C. Ranking Law.
AN ACT TO ENABLETHE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS. :.

Eminent on the Banks of the State, makes it abb
solutely necessary that said Banks should close
their business and renders further contlnutn ce
of their corporate existence idle and useless to the
people of the State,
Section l. BE 1t enacted by the General assembly
of the State Of North Carolina, and At IS he'e6y
enacted By the Gathaity Of the same, That II the
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 DESTROYS to appropriate all the estate
and effects of such Bank tor the beneht OF IT'S
creditors and to close its business and surrender
their chartered rights and franchises in conforml
ty with the subsequent provisions OF TINS act,
the name Of such Bank tiled 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 of such persons as the court
Sec. 2. Be it further enacted, That the commits
sioner appointed as aforesaid upon filing the bond
required of him, shall forthwith become, ana SO
| long as he shall contiue such commissioner and
no longer shall be vested with all the estate, ef-
fccts and rights of action which such Bank posses
scd, 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 or trans
fprred including all debts due to such Bank or to
any person for its and all liens and securities
therefor. The court may require such Bank by
| its Cashier or other proper off1cer 10 endorse
without recourse all such bills or notes, draw all
such checks or orders for money and execute such
cessary or useful to enable the commissioner to
demand or recover and receive the estate ana e.
ects of such Bank for the benefit of its creditors
The commissioner shall have the like remedy to
| md he pSta 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 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-
perty effects traudulently sold or transferred
although such Bank could not have done so. In
all suits prosecuted by such Commissioner at
law 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 ut 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 As 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
shall be abatsd By the death or removal OF such
Commissioner, buta Commissioner to be appoint
ed in such cases Gas il hereinafter provided) shall
be admitted to prosecute the same in like manner
and to like effect as if the same had been origin
ally commenced by him.
Sec s. h i further enacted, That the Commits
sioner foresaid shall In all things connected with
the discharge OF his duties Commissioner, act
under the direction and orders of the court; and
il any such Commissioner shall refuse unrea-
or decree of the court it shall be the duty of the
court u remove such Commissioner; and upon
such removal or upon any vacancy by death or
otherwise the court shall appoint some other
nlrsO n InIS
in such sum as the court shall direct in like man
ner 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
forthwith vested in such new commissioner as
legally and etfcctually 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. t. 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
err, may appeal to the Court, where the same shall
be determined according to the course of the
Court decided ut law, as the court may direct;
and in all such appeals the case shall be dockeed
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 commissioners 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
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 satlsfac-
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 commissioner, as the court shall order
prosecuted, proved and established according to
the provisions of this act within the time allowed
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 commissioners 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 as it may be filed in at least
fifteen newspapers, one of which shall be pub.
Charleston, s. e.; one in the city of Richmond,
Va; one in the city of Baltimore, Md; one in the
city of Philadelphia; 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
Sec 2 Bet fsrt4sr enacted That any one 20, of the
perior Courts of law and equity, shall have power
at his chambers, from time to time, to make any
such rules, orders or DEGREES may be necessary
or required for expediting the settlement of all
cont OVERSEES between any commissioner appoint |
ed under this act and other parties, for the guild
ance and instruction of any commissioner in any
matter connected with the discharge of his duties,
for the removal appointment of commission