The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-07-10
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
g STATE TO CLOSE THEIR BUSINESS

|
people of the State, -, ~,
Section l. BE enacted By tile Ge,ee'W l$Seo.Sly
of tie State of North Carolina, G1ad it IS hefGoy
enacted By tie Gtttrity Of the same, IA. n tiio
Stockholders of any of the Banks chartered by the
| General Assembly of this State shall be unwliilng
to close the business of their BuIIks by an assign
ment and are DESTROYS to appropriate all the estate
| and effects of such Bank Tor the dement, ol ,ts
creditors and to close its business ana SURRENDER
their chartered rights and franchises In CONFORM
ty with the subsequent provisions OF TINS act,
such Stockholders may by their bill i'll equity III
the name such Bank filed in 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 eStaoilsn lhclr
demands within such time (not less than Twelve
months after decree therefor) as shall be allowed
by the Court. The Court shall upon hing sucn
bill appoint as commissioner suitable person
acquainted with the business OF such banh, VINO
shall be paid for his services such sum as may DC
allowed by the court. Such commissioner sliall
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 DC
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 become, ana so
long he shall contiue such commissioner ana
no longer shall be vested with all the estate Ell
fccts and rights of action which such Bank posses
sed, had or held or was vested with, at the time
of filing such bill, and viii. Ii such Bank could at
that time have lawfully sold, assigned or trans
ferred, including all debts due TO sach Bank or to
any person for its and all liens and securities
therefor. The court may require such Bank oy
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 TO
demand recover and receive the estate and e.
fleets of such Bank for the benefit ofits creditors.
The commissioner shall have the like remedy To
and receive all the estate debts and effects
belonging to such Bank ut the time OF filing lis
bill, us such Bank might have had If no proceed
uyS had been had under this act; and should amy
such
property or effects, fraudulent 10 its creditors
but valid rs between the parties, IN such cases
such commissioner shall stand in the place OF the
creditors, and may recover and receive such pro-
pcrv or effects Ir.Iudulent!y sold OF transferred,
although such Bank could not have done so. In
all suits prosecuted by such COMMISSIONS at
law or in Equity the plaintiff shall be styled " The
Commissioner" (adding thereto the name OF the
particular Bank Tor which lac has been appointed
the Commissioner and il at the tune OF Hllng
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 be vested
in such Commissioner as aforesaid, such CommiS-
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
cr shall be abatCd by the death or removal OF such
Commissioner, but COmmissiOnerto be appoint
ed in such cases Jas is hereinafter ProvideoD shall
be admitted to prosecute the same in like manner
and to like effect ii the same had been origin
ally commenced by him.
Sec. B. Be Il FURTHER ejtocte,l, That the Commits
sioncr aforesaid snail in all things connected with
the discharge OF his duties as Commissioner act
under the direction and order, OF the court; and
il anV such Commissioner shall refuse unreal
sonably delay or neglect 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 OF
otherwise, the court shall appoint some other
person COMMISSIONER who shall enter into bond
i'll such as the court shall direct in ike
ner and for the like uses and purposes as provided
in cases of tile Commissioner first appointed;
and tneTeupOn 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 III such new commissioner as
legally and efcctually if he had been the COM
missioner disappointed; and the court shall have
the powerto 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. t. Bs 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 he creditor as aforesaid, the
commissioner shall have power to administer all
oatnS required in the course of such proceedings.
ANY supposed creditor whose claims shall be
wholly or in part disalIowcd by any commission
er, may appeal to the Court where the shall
be determined according to the of the
Court, or decided at law, the court may direct;
and in all such appeals the 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 rs like suits between other parties.
In all cases in which any such commissioner shall
be Il 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
be due and payable or 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 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
Dy 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 ). 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 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
tA@ provisions of this act within the time allowed
NJ the decree Of the court therefor shall be barred
n feZD7EFy by any action at law or other proceed
~ ~ @gljiy; and any suit brought for their
%IT@Fy "a3Srh isG than is herein provided shall on
fi+& tlfA ~ tsis commissioner of such Bank be
ai>aat1d, DF ~, his motion be dismissed
H4~, H. II ii fhltHr e5tacled, That IL shall not be
,,&@essaFY IN any iii fled under this act, to make
45y particular &rsDfis or corporations parties by
iJas, bBl it. shall De sufficient If the defendants
be d.JjOjnjnated crcditDrs Of the particular Bank
fl behalf If Which suit may be Instituted /; and
notice Of the bill shall be published for the space
Of thirty days it may be filed in at least
fifteen newspapers, Of which shall be pub
Ii5hcd in the City Of RaleigIi one in the city of
Charcaton, s. g.; 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
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. Be further enacted, That any one of the
the Judges of the Supreme Court, or of the Su-
pcrior Courts of law and equity, shall have power
ut his chambers, from time to time, to make any
such rules, orders or DEGREES as may be necessary
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 commission err in any
matter connected with the discharge of his duties,
for the removal or appointment of a commission
er, or for the speedy execution of any of the
powers by this act conferred on a courtof equity.