The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-09-08
The N. G.. Banking Law.
AN.ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

ernmr,nt on the Banks of the State makes it ali
solutely necessary that said Banks shou!d close
| their business and renders further continuance
of their corporate existence idle and useless to the
people of the State,
of he STATE of North Carolina, and it is here6y
enacted By the aasthaity Of the same, That II the
Stockholders of any of the Banks chartered ny Ine
General Assembly of this State shall be unwilling
to close the business of their Banks by an assign
ment and DESTROYS to all the estte
and effects of such Bank Tor the beneht OF lts
creditors and to close its business and surrender
their chartered rights and franchises in conform
ty With the subsequent pms G n e e IN
the name of such Bank filed in the Court OF Equity
OF the county in which the principal Bank or any
tors of such Bank to prefer and establish their
| demands within such time (not less than Twelve
months after decree as Sna 3g ino
| bill appoint commissioner suitable person
acquainted with the business of such Bank, VINO
shall be paid for his services such sum as may De
| allowed by the court. Such commissioner shall
give bond with ample security, payable TO the
State for the faithful discharge OF nus aunes IN
which bond shall be filed in court and may be
sued on for the use of such persons as the court
Sec 2. Be it further enacted, That the commits
sioner appointed aforesaid, upon filing the BOND
| required of him, shall forthwith become, ana SO
long as he shall cOntiue such commissioner ana
no longer shall be vested with all the estate, e1-
fects and rights of action which such Bank posses
sed, had or held 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 or 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 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 eff
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 ehects
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 between the parties, in such cases
| creditors, and may recover and receive such pro-
pertyor effects so traudulenly sold 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 he 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
er shall be abated by the death or removal OF such
! Commissioners, but a Commissioner to be appoint
ed in such Gas is hereinafter Provided) shall
| be admitted to prosecute the same in like manner
| 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 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
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, whoShal enter into bond
in such sum 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
disposed of by any former Commissioner, shall be
| forthwith vested in such new commissioner rs
legally and effectually 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 evidence OF debt which
| of right should be in the hands possession of
such new commissioner.
Sec 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
persou-claiming to be creditor as aforesaid, the
| commissioner shall have power to administer all
oaths required in the course of such proceedings
wholly or in part dsallowed by any commission
er, may appeal to the Court, where the same shall
be determined according 10 the of the
Court, decided at law, the court may direct ;
and in all such appeals the case shall be docketed
| in the name of the creditor against g 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 pIaln.dn or aeenaant, ana IT.
| 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 not the account between
the parties shall be stated, and one debt shall be
set off against the other, and the balance OF such
hall hn oil elf heir
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 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 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 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
and direct; and all such claims and demands not
prosecuted, proved and established according Ito
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, his motion be dismissed.
Sec. g. 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
hame, 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
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
Charleston, S. G.; 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; one in the city OF
and one in the city of Nashville, Tenn
Sec T. Beg t1rther enacted, That any one of the
perior Courts of law and equity, shall have power
at his chambers, from time to time, to make any
such rules, orders DEGREES as 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 aDnOintmeDt of commission