The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-04
The N. c. Banking Law.
an ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

credit, with the heavy taxes imposed py tnat wy
eminent on the B..nKs of the State, makes IL an
suluteIy necessary that said Banks should Close
their business, and renders turther contlnu nce
of their corporate existence IDLE ana useless W 'e
people of the State, -,
Section l. Be it enacted by the General assembly
of the State of North Carolina, and ~ Is neTeo9
enacted 6y the a,tth7ity Of the sdnte That II inc
Stockholders of any of the Banks chartered by the
General Assembly of this state Shall DC uh WILLIS
to close the business of their Banks oy an assiSu
ment and are DESTROYS to appropriate all tue
and effects of such Bank tor the beneht OF its
creditors, and to close its business and SURRENDER
their chartered rights and franchises III mn
ty with the subsequent provisions OF thls act,
snch Stockholders may by their bill III equity III
the name of such Bank filed in the Court OF Equity
o. the county i'll which the principal BANK OF any
o: is branches may be located, require the creu-
tors of such Bank to prefer and estaoilsh tneh
demands within such time (not less tnan t"elNS
months after decree thcrefor) as shall De alloMeH
by the Court. The Court shall upon ming such
bill appoint as commissioner sultaDie person
acquainted with the business OF such BANK, WIG
shall be paid for his services such sum Us may pI
allowed by the court Such commissioner shall
rive bond with ample security, payaoie 70 INC
State for the faithful discharge OF his duties III
such sum as shall be approved by the court,
which bond shall be filed in court and may be
sued on for the use OF such persons us lhe coui
may allow. ~, A.. ,,,,;,
See , B.. it further enacted, That the commls,
soner appointed as aforesaid, upon lining the poIu
required OF him, shall forthwith become, anu SO
long us he shall contiue such commissioner anu
no longer, shall be vested with all Tue esIto' u
f,.cs and rights of action which such Bank posses
sed, had held or was vested with, at tne ,liiie
of filing such BILL and which such Bank coulu at
that time have lawfully sold, assigned OF tr'uiS-
ferred including all debts due to such BANK or 10
any person for its and all liens ana secuIllies
therefor. The court may require sucn D'ihh 10y
its Cashier other proper o1ncer 10 ehooisG
without recourse all such bills or notes, draw al
such checks orders for money and execute such
other paper writings as the court snail ueeh ut
ccssarv or useful to enable the commissioner 10
demand or recover and receive the estate ana e.
fects OF such Bank for the benefit OF It's cfedltoIs
The commissioner shall have the IKE remedy 10
recover and receive all the estate, debts ana clIects
belonging to such Bank at the time OF ming IT'S
bill, as such Bank might have had II no proceed
ings had been had under this act; and Shouia any
s1ch Bank have made sale or transfer OF It's
nropcry or effects, fraudulent as to It's creditors
but valid as between the parties III sueh cases
such commissioner shall stand i'll the place Oh the
creditors. and may recover and receive sucii pro
1nrtyor effects traudulenty sold or translcfreo
although such Bank could not have done so. IN
all suits prosecuted by such Commissioner III
law or i'll Equity the plaintiff shall be styled - ne
Commits ioner,'' taddng thereto the name OF the
particular Bank for which he has been appointed
the Commissioner and if 1T the time OF ming
such bill by any Bank any action AT law or pro
ceediur or suit in Equity snail be pending Ia the
name OF such Bank for the recovery OF any estate,
debt or demand which might or ought 10 be vested
in such Commissioner :> aforesaid, such Conmls-
sioucr shall be admitted to prosecute the same III
like manner and to like effect; and no suit pend
ing at any time for the recovery OF any estate:
debt or demand i'll the name OF Suc COMMISSION
cr shall be ;bated by the death or removal OF Sucn
Commissioner, but a Commissionerto be appoint,
cd in such (as is hereinafter proylded) shal
be admitted to prosecute the same in like manner
and to like effect if the same had been orlgll-
ally commenced by him.
Sec. =. b it J"Jtitcr enacted, That the Comnls-
sioncr aforesaid shall in ali things connected with
the discharge of his duties lis Commissioner, act
under the direction and order, OF the court; and
ii any such Commissioner shall refuse or uiifea-
sonably del3tv neglect to obey any rule, order
or decree OF the court, it shall be the duty OF the
court to remove such Commissioners; and upon
such removal upon any vacancy by death or
otherwise the court shall appoint some other
person Commissioner, who shall enter INTO bond
in such the court shall direct III Ike man
ner and for the like and purposes as provided
in cases of the Commissioner first appointed;
and thereupun all the estate, property, effects
debts and rights of action vested in such Bank
aft er the time fling its bill, not before lawfully
disposed OF by any former Commissioners, shall be
forthwith vested in such new commissioner as
legally and effcctuaIly if he had been the com
first appointed; and the court shall have
the power to require any former commissioner or
the representative Of any deceased commissioner,
to surrender 10 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 / Be it tisthe, 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 Il creditor as aforesaid the
commissioner shall have power to administer all
oatiIs 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
he determined according to the of the
Court, decided at law, us the court may direct;
and in all SUCH appeals tic case shall be docketed
i'll the name of the creditor against . The Com
missioner of - (addin4 the name of the Bank
of which he is commissioncr,J and shall be tried
and determined as like suits between other parties,
In all cases in which any such commissioner shall
he q party whether plaintiff defendant, and it
shall appear that there has been mutual credit
given by the Bank, and any otter corporation or
any person Who is the opposite party, or there
mutual debts between them, whether such debts
be due and payable or not, the account between
the parties shall be stated, and one debt snail be
set oil against the other, and the balance of such
account vi y shall be allowed paid on either
side pectivey; and the costs in all cases shall
he paid lay 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 Satistac-
ton in whole in part OF a!iy claim whatever,
except under rule or order OF the court there
for
See ). 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
shall be entitled to payment in
satisfaction of the same out of the assets in hands
or Sucn commissioner, as the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established accordingeto
the provisions of this act within the time allowed
by the decree of the court therefor shall be barred
OF recovery by any action ut law other proceed
ing in equity; and any suit brought for their re-
covery otherwise than is herein provided shall on
the pea of the commissioner of such Bank be
abated, or on his motion be dismissed.
Sec. q. BE II tuTther e1taccd That ii 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 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. C.; 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
Ala; one in the city of N. Orleans;
and one in the city of Nashville, Tenn.
Sec. z. BE further enacted, That any one of the
the Judges of the Supreme Court, or of the Su-
peror 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 expcditing the settlement of all
cont OVERSEES between any commissioner appoint
q or hiS f.t