The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-07-24
The N. G. Banking Law.
AN. ACT TO ENABLE THE BANKS OF THE He
STATE TO CLOSE THEIR BUSINESS.

credit with the heavy taxes imposed 10y that GOV
eminent on the Banks OF the S,a.e' han close
their business, and renders iurther con H ~ nc
of their corporate existence idle ana useless W Inc
Saction / be it enacted by the General ASSEMBLY
of the State of North Carolina, dnd % tS .ete KY
enacted by the auth'ity Of e same, dlas nv the
General Assembly Of this State shall be unwilling
to close the business of their Banks by an assign
nnd effects of such Bank Tor the benefit of its
creditors, and to close its business ana surenooi
their chartered rights and franchises IN conloii t
ty with the subsequent provisions OF this act,
snch Stockholders may by their bill in equity IN
the name of such Bank filed in the Court OF Equity
the county in which the principal na 1e o nrad
tors Of such Bank to prefer ana estaohsn tucia
demands within such time (not less than tweiSs
months after decree therefor) as shall De alloweH
by the Court. The Court shall upon fling sucn
bill appoint as commissioner sutaDie person
acquainted with the business OF sucn Bank, VINO
shall be paid for his services such sum as may pc
allowed by the court. Such commissioner shail
give bond with ample security, payable TO the
State for the faithful discharge OF ms au. a II.
such sum as shall be approved by the court,
which bond shall be filed in court ana may pe
sued on for the of such persons as the court
Sec 2 BE it taxythe, enacted That the commits,
sioner appointed as aforesaid, upon filing the pohd
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, ei-
fects and rights of action which such Bank posses
sed had or held or was vested Wild at ene y' L t
that time have lawfully sold, assigned OF Trans
ferred, including all debts due to such Bank or TO
any person for its use and all liens ana SECURITIES
therefor The court may require such Bank by
its Cashier other proper ofhcer 10 endorse
without recourse, all such bills or notes. oIaW az
such checks or orders for money and execute sucn
other paper writings as the court snail deem ne
cessary or useful to enable the commissioner 10
demand or recover and receive the estate ana e.
fects of such Bank for the benefit ofits creditors
The commissioner shall have the like remedy 10
recover and receive all the estate debts and effects
belonging to such Bank ut the time of filing lis
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 lis
property effects, fraudulent as to its creditors
but valid as between the parties, in such eases
such commissioner shall stand in the place OF the
creditors, and may recover and receive sucn pro
pertyor effects trauduenty 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 t De ssea Of the
particular Bank for which he has been appointed
the Commissioner and if ut the time OF hllnS
such bill by any Bank any action at law or pro-
ceeding or 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 Commls-
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 abated by the death or removal OF such
Commissioner, buta Commissionerto be appoint
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. Be it further enacted That the Commits
sioner 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 unreal
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 or upon any vacancy by death or
otherwise, the court shall appoint some other
person Commissioner, who shall enter into bond
in such sum the court shall direct in like man
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 as
legally and effectualy 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 possession of
such new commissioner.
Sec. l. Be il further enacted That all demands
of creditors may be preferred and proved before
such commissioners, and for all purposes connect
ed with the investigation of the demands of any
person claiming to be a creditor as aforesaid, the
commissioner shall have power to administer all
oaths req uired in the course of such proceedings
Any supposed creditor whose claims shall be
wholly or in part dsallowcd by any commission
err may appeal to the Court, where the same shall
be determined according to the of the
Court, or decided at law as the court may direct;
and in 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 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, there are
mutual debts between them, whether such debts
PAYABLE 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 eitheir
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 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, the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established according TO
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 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, on his motion be dismissed.
Sec 6. Be 1t 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, of which shall be pub
lished in the City of Raleigh; in the city of
Charleston, S. e.; 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
Montgomery, Ala; one in the city of N. Orleans;
and one in the city of Nashville, Tenn.
Sec. T. 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 or DEGREES may be necessary
or required for expediting the settlement of all
CONT OVERSEES between any Commissioner appoint
cd dor ofh Co