The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-07
The N. G.. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE

! sotuteiv necessary that said Banks should close
I their business, and renders Il further contnu nce
of their corporate existence luieanu useless 70 the
people of the State
Section l. lie 1t cndcted by the General assembly
0t tie State If North C"Otnto, d'td Il iS he'tLy
enacted by tie aufh1-ity 4T lie same, That il the
Stockholders of any of the Banks chartered by the
General Assembly of this State shall be unwilling
TO close the business OF their Banks by assign
ment and dcsirous oappropriate all the estate
and effects of such Bank or the benefit of its
creditors and to close its business and surrender
their chartered rights and franchises in conform-
ty with the subsequent provisions of this act,
such Stockholders may by their bill i'll equity in
the name of such Bank iled i'll the Court of Eq quity
of the county in which the principal Bank or any
of its branches may be located, require the crcdi
tors OF such Bank to prefer and establish their
demands within such time (not less t;ih twelve
months after decree tercfor) shall be allow ed
by the Court. The Court snail upon filing such
bill appoint lis commissioner a suitable person
acquainted with the business OF such Bank, who
shall be paid for his services such sum lis 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 i'll
such sum us shall be approved by the court,
which bond shall be filed i'll court and may be
sued on for tile of such persons the court
may allow.
Sec D. * Il ftt,'tter endctcd, That the commits
sioner appointed us aforesaid upon Hing the bond
required of m, shall forthwith become, and so
long he shall cuntiuc such commissioner and
no longer, shall he vested with all the estate, cf
rcts and rights Of action which such Bank posses
scd had ncld or was vested with ut the time
: III,
that time have lawfully sold, assigned Or trans
fcrrcd, including all debts due to such Bank or to
any person for lis and all liens and securities
therefor. The court may require sucn Bank by
IFS Cashier or other proper officer to endorse
without recourse, all stich bills or notes, draw all
such checks orders Tor money and cAccutc SUCH
other paper writings the court shall deem
ccsSury or useful TO enable the commissioner to
demand or recover and receive the estate and e.
ccts of such Bank for the benefit OF lis creditors
The commission shall have the like remedy to
recover and receive all the estate, debts and effects
belonging to such Bank at the time ot filing lis
bill .s such Bank might have had if no proceed
in~s had been had under this act and should any
such Bank have made any sale or transfer OF its
property effects fraudulent as to IFS creditors
but valid aS between the parties, i'll SUCH cases
such commissioner shall stand i'll the place of the
creditors and may recover and receive such pro-
pr:tyor ELECTS fraudulently sold or transferred,
although such Bank could not have done so. In
all suits prosecuted by such Commissioner ut
law in Equity the plaintiff shall bc styled The
CommiSsiunrr," tndding thereto the name OF the
particular Bank for which he has been appointed
the CommiSsIncr,) and if at the time of Hling
such bill by any Bank any action at law or pro-
cccdins suit i'll Equity shall be pending III the
name of such Bank for the recovery OF any estate,
debt Or demand watch might or ought 10 be vested
in such Commissioner liorcSaid, such Conims-
Sioucr salI by ltlmittrGk o prosecute the same in
like manner aud to like effect; AID no suit pend
inr al any time for the recovery OF any estate,
debt demand i'll the name of such toiiliniSslon-
cr shall be abatctt by the dci removal of such
Commissioner, huta Commissioner To he appoint
ed i'll such ts is hereinafter providcu shall
be admitted 10 prosecute the same IN like manner
and iins effect ii the same had been origin
ally commenced by him.
Sec. 3. Il. IL tttIficr e:t"ctCd, That the Commits
SiOner aforesaid shall i'll ali things connected with
the discharge of his duties Us Commissioner, act
under the direction and orders OF the court; and
il any such Commissioner shall refuse or unreal
souaDly delay or neglect to obey amy rule oruer
or decree of the court, it shall be the duty oil the
court to remove such Commissioners; and upon
such removal or upon any vacancy by death or
otherwise the court shall appoint some other
in such the court shall direct IL like man
ncr and the like uses and purposes ~ provided
III cases of the Commissioner first appointed;
and thcreupon all the estate, property, ciicrts
debts and rights OF action vested III SUCH BANK
after the time of filing its bill, not before lawfully
DISPOSED OF by any former Commissioner, shall be
forthwith vested in SUCH commissioner
legally and effect ually as il he had been thc COM
missioner first appointed; and thc 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 whlci!
of ri.riit should be III the hands or possession OF
such commissioner.
Sec T. Br II FURTHER cJ,acted, That ali demands
of creditors may be preferred and proved before
such commissioners, and for all purposes connect
cd with the Investigation of the demands or any
person claiming to be Il 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 i'll part diSallOwcd by any commission
er, may appeal t" 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 bc 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 tired
aud determined as like suits between other parties.
In all cases in which any such commissioner shall
be party, whether plaintiff or defendant and 1t
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 IetWeen
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 paid on either
side respectively; and the costs in all cases shall
be paid by either party as the court snail 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 which their validity is based
and there shall be no application OF any funds In
the hands of such commissioner to the sdtis1ac-
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 decrccs 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 Inc
creditors whose claims and demands have been
proved and established aforesaid against the
estate and effects of such Bank i'll the hands of the
commissioner, shall be entitled to payment IN
satisfaction of the same out of the assets IN hands
of such conmi Ssioncr, as the court shall oroer
and direct; and all such claims and demands not
prosecuted, proved and established according TO
the provisions OF this act within the time illloWeQ
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 pea of the commissioner of such Bank be
abated, or on his motion be dismissed.
Sec. e. BE it further enacted, That it shall not be
necessary i'll any bill filed under this act TO make
any particular persons or corporations lartlSS oy
name, but it shall be sufficient if the defendants
be denominated creditors of the particular Bank
in behalf of which suit may be instituted; ana
notice of the bill shall be published for the space
of thirty days it may be filed in ut least
fifteen newspapers, one Of which shall be pub,
lished in the City of Raleigh; one IN the city OF
Charleston, S. c.; 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 ORR
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. Be 1t 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 expcditfng the settlement OF all
controversies between any commissioner appoint
ed under this act and other parties, for the gud-
ance and instruction of any commissioner III any
matter connected with the discharge of his dutes
for the removal or appointment OF a commission
er, or for the speedy execution OF any OF the
powers by this act conferred on court OF equity.