The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-21
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

!
eminent on the Banks of the State, makes it alb
| solutcly necessary that said Banks should close
their business, and renders further continu tnce
of their corporate existence Idle ana useless 10 INC
| people of the State, -
Section l. BE ii enacted By the General assembly
of the State of No,th- Carolina, and 1T is hereby
enacted 6u tie authrity Of the same, That if the
Stockholders OF any of the Banks chartered oy the
General Assembly of this State shall be unwilling
to close the business of their Banks by an assign
ment and are DESTROYS to appropriate all the estate
and effects of such Bank Tor the benefit OF Its
creditors and to close its business ana surrender
their chartered rights and franchises Ill conlorhi
| ty with the subsequent provisions of this act,
! such Stockholders may by their Dill IN equity III
the name of such Bank filed i'll the Court OF Equity
| OF the county in which the principal Bank or any
o: It's 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) us shall be allowed
| by the Court The Court shall upon filing such
| bill appoint commissioner 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 III
such 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 commits
| sioner appointed aforesaid, upon filing the Dond
required of him, shall forthwith oecome' anu so
| long as he shall contiue such commissioner ana
longer shall be vested with all the estate, Ell
fects and rights of action which such Bank posses
|
| of filing such bill and viii, h such Bank could at
that time have lawfully sold, assigned or trans
ferrcd, 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 enuorse
without recourse all such bills notes, draw all
| such checks or orders for money and execute sucn
| other paper writings the court shall deem ne
cessary useful to enable the commissioner 10
demand or recover and receive inc estate anu
fccs of such Bank for the benefit OF It's creditors
! The commissioner shall have the like remedy 10
recover and receive all the estate, debts ana elects
! belonging to such Bank nj the time OF ming lis
bill rs such Bank might have had II no proceed
| ings had been had under this act; ana Shouid any
such Bank have made any sale or transfer OF lis
propertv or effects, fraudulent as TO It's creditors
but valid as between the parties, IN such cases
such commissioner shall stand III the place OF the
| creditors and may recover and receive such pro
pertv or effects iaudulentiy 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 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 ut law or pro
! ceedng or suit i'll Equity shall be pending in the
name Of such Bank for the recovery of any estate.
| debt demand which might or ought to be vested
| in such Commissioners rs aforesaid, such Cominls-
sioner shall be admitted to prosecute the same in
like manner and to like effect; ard no suit pend
| inv ut 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 10 like effect ms ii the same had been origin
| ally commenced by him.
Sec. .. b il Jnyttcr 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 unrea
| sonably delay neglect to obey any rule, order
or decree of the court il 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 snail enter into bond
such sum Us the court shall direct IL Ike man
ner and for the like and purposes provided
| in cases of the Commissioner first appointed;
and therrupon 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 effcctually as if he had been the COM
missioner first appointed; and the court shall have
the power to require any former commissioner
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 j. BE it further enacted That all demands
! of creditors may be preferred and proved before
! such commissioner, and for all purposes connect
! cd with the investigation of the demands OF any
! person claiming to be a creditor 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 disalIowed by any commission
er, may appeal To the Court, where the same shall
! be determined according 10 the course of the
Court, decided at law, as the court may direct;
and in all such appeals the shall be docketed
| in the name of the creditor against 1.-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
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
| 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-,
| by him; showing the character of such claims and
| the evidence which their validity is based !;
and there shall be no application OF any funds i'll
| 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 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 aforesaid against the
estate and effects of such Bank in the hands of the
commissioner, shall be entitled to payment in
satisfaction OF the same out of the assets in hands
! of such missioner, the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established according to
the OF This ACT WlLnln Une Ilne 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 pIea of the commissioner of such Bank be
abated, his motion be dismissed.
Sec. g. 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 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. 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 ork
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. Z. Belt further enacted That any one of the
the Judges of the Supreme Court, 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 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 puid-