The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-14
The N. c., Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

orou., io Nv, Ibe Rnis of the State makes it all
solutcly necessary that said Banks should Close
their business and renders a further continuance
of existence idle and useless to the
people of the State, ,.,
Section l. Be it enacted by the General ASSEMBLY
of the State Of North Carolina, and 1t IS nefeoy
enacted 6y the athsity Of the same mat II . .i
Stockholders of any of the Banks chartered Dy JUG
General Assembly of this State shll be unwllilhg
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 penenI ol Jus iss
creditors and to close its business anu SURRENDER
their chartered rights and franchises In CONFORM
ty with the subsequent PROVISIONS o1 TINS act,
such Stockholders may by their bill III equity IN
the name of such Bank filed in the Court OF Equity
or the county in which the principal Bank or any
OF It's branches may be located, require the credl-
tors Of such Bank to prefer and estaollsh tnelr
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 suitable person
acquainted with the business OF such Bank, VINO
shall be paid for his services such sum as may pe
allowed by the court. Such commissioner shall
give bond with ample security, payable 10 INC
State for the faithful discharge OF his duties IN
such sum as shall be approved by the court,
which bond shall be filed in court and may De
sued on for the use of such persons as the court
may allow. 49,,
Sec 2 Be it further enacted, That the commits
sioner appointed as aforesaid, upon fling the pohu
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 tllne
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 use and all liens and securities
therefor The court may require such Bank ny
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 ne
cessary useful to enable the commissioner 10
demand or recover and receive the estate and e.
fects of such Bank for the benefit OF its creditors
The commissioner shall have the like remedy to
recover and receive all the estate, deDts ana enects
belonging to such Bank at the time of filing its
bill as such Bank might have had II no proceed
ings had been had under this act; and should any
such Bank have made any sale or transfer OF its
property or 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 or effects rauducnty sold or transferred,
although such Bank could not have done so. In
all suits prosecuted by such Commissioner le,i 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 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
er shall be abated by the death or removal such
Commissioner, but Commissionerto be appoint.
ed in such cases las is hereinafter provided) shall
be admitted to prosecute the same in like manner
and to like effect if the same had been origin
ally commenced by him.
Sec. 3. Be it fiufte7. euacted 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
if any such Commissioner shall refuse or unrea-
sonably delay or neglect to obey amy 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 as the court shall direct in like
ner and for the like uses and purposes as provided
in cases of the Commissioner first appointcd
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 effectually 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. /. 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 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
er, may appeal to the Court, where the same shall
be determined according to the course of the
Court, decided at law, as the court may direct;
and in all such appeals the case shall be dockeed
in the of the creditor against 90 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 mas 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
be due and payable not, the account between
the parties shall be stated, and debt shall be
set off against the other, and the balance of such
account only shall be allowed 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 satisfac-
ton in whole or in part of any claim whatever
except under rule or order OF the court there
for.
Sec. 5. Be it further enacted That the court shall
make all proper orders and DEGREES for the coec-
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 in hands
OF such commissioner, the court shall order |
and direct; and all such claims and demands not |
prosecuted, proved and established according. to !
Oh InlS acG WlUnln 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
covery otherwise than is herein provided shall on
the plea OF the commissioner 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 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; in the city of
Montgomery, Ala; one in the city of N. Orleans;
and one in the city of Nashville Tenn.
Sec 2. Belt further enacted, That any one of the
the Judges of the Supreme Court, or of the su-
perlor 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
conn OVERSEES between any Commissioner appoint
ed under this act and other parties for the guild
and instruction of