The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-11
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF The
STATE TO CLOSE THEIR BUSINESS.

,roJit VIII the heavy taxes imposed by that Gov
ernmcnt on the B,nks of the state, makes II ~
solutcly necessary that said Banks shouiu cloee
tn,.ir hnsinrss and renders further contlnu ince
of their corporate existence idle and useless 10 tne
people of the State, =, o, ,.s,ob,,,
of the State Of North CarO!ihG, and u Is He'eCg
en- cteR 6y tie auttr-ty Of tie same Ihat IL, II t the
Stockholders OF amy OF the Banks ~ M nns;ilinS
to close the business of their banks Dy an "sa!su
ment and are DESTROYS to appropriate all TUG esIae
creditors and to close its business and SURRENDER
their chartered rights and franchises III conforms
ty with the subsequent provisions Oh tnls act,
such Stockholders may by their blll III equity III
the name OF sucn Bank Tiled in the Court OF Equity
oil the county i'll which the principal BANK OF any
o is branches may be located, require the creui-
tors OF such bank to prefer and estaollsn tuelr
demands within such time (not less than Twelve
months after decree therefor) as shall De allowcu
by the Court. The Court snail upon ming sucn
bill ap POINT as commissioner sultauie pelsoh
acuuain. ed with the business OF sucn BANK, VINO
shall be paid for his services such sum as may uG
allowed by the court Such commissioner SINH nm
rive bond with ample security, payaoie 10 INC
State for the faithful discharge Of his duties III
sucn sum as shall be approved by the court,
which bond shall be filed Ill court ana may NC
sued ON 1Or the use OF Sucn persohs 10 'no No'A'
may allow. ,,, A., ,,;.
sioncr appointed as aforesaid, upon ming tne pou
required of him, shall forthwith become, ana SO
long lis he shall contiue such commissioner anu
no longer snail be vested with all the estate, el-
fleets and rights OF action when Sucn bail Possoo
sed mad or held was vested with, ut the tlme
of filirg such bill and which such Bank could NJ
that time nave lawfully sold, assigned OF tTiiS-
frrred including ali debts due to such BANK or 10
any p,rson Tor It's use and all liens and securities
therefor The court may require sucn BANK ny
its Cashier other proper officer TO endorse
without recourse all such bills or notes, draw All
such checks or orders for money and execute such
other paper writings as the court shall deem ne
cesSary or useful 10 enable the commissioner 10
demand or recover and receive the estate ana C.
f,.f.ts snCh Rank
The commissioner snail have the Ike remedy 10
recover and receive all the estate, debts anu elects
belonging to such Bank at the time OF ming Ills
bill, us such Bank might have had II no proceed
in.ss had been mad under this act; ana should any
such Bank have made any sale or transfer OF lis
property effects, fraudulent ais 10 lis creditors
but valid as between the parties, lii Sucn cases
sucn commissioner shall stand Ill the place oi INC
creditors, and may recover and receive such pro-
prrty effects Iraudulen;ly sold or transcrred
although such Bank could not have done 80 III
all sui.s prosecuted by such Commissioner III
law or in kQuity the plaintiff shall be styled ne
Commi. (addiHsc thereto the name OF the
particular Bank for winch lie las been appointed
Inc COMMISSIONER aud if at tue time oi hllng
such bill by any Bank any action at law or pro
ceeding or suit in Equity snail be pending IN TIE
name OF sucn Bank tor the recovery OF any estate,
debt or demand which might or ought to be vested
in such Commissioner "a aforesaid, sucn SohmiS-
suncr shall DC admitted 10 prosecute the same III
like manner and to like effect; and no suit pend
inn at any time for The recovery OF any estate:
dcut demand i'll the NAME OF such commission
or Shall be aOatcd by the death or removal Oh such
Commissioner, but Il Commissioner TO be appoint
cd in las is hereinafter provlued) snail
b. admitted to prosecute the same in like nani:er
and like effect lis If the same had been origin
ally commenced 10y him.
See j; BE ii J,..Thc.. enacted, That the Commits
sioncr aforesaid shall in all things connected with
tuc discharge of his duties IS Commissioner, act
under the direction and orders OF the court and
il any such Commissioner snail refuse or Hlrca
sonaOIy delay or neglect to obey amy rule, order
decree OF the court, 1t shall DC tie duty OF the
court to remove such Commissioner; and upon
such removal or upon any vacancy by death or
otherwise, the court sEall appoint some Other
person Commissioner, who S!.au enter into bond
In such sum as the court shall direct IL like man
and for the like USES and purposes rs PROVIDED
in cases OF t.!. Commissioner first appointed;
and thereupon all the estate, property, effects
debts and rights OF action vested III Bank
after the time OF Hing its bill, not before lawfully
disposed OF by any former Commissioner snail be
forthwith vested in such new commissioner Is
legally and ctfcctually if lie 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 or evidence ot debt which
OF right should be i'll the hands or possession OF
such commissioner.
Sec. t. * il Ttslthe:' enacted, That all demands
of creditors may lac preferred and proved before
such commissioner, and for all purposes connect
ed with the investigation OF the demands vi any
person claiming 10 bc creditor aforesaid, the
commissioner shall EaVc power to administer all
oatiS required i'll the course OF such proceedings
wholly or i'll part iiisaliuwcd by any commission
err may appeal I" The Court, wuere the same shall!
be determined according 10 the course of the
Court or decided at law, as the court may direct;
and all such appeals the case snail be dockrtcd
in the name OF tn- creditor against The Com
missioner OF -" (adding the name OF the Bank
OF which he Is commissioner and shall be tried
and determined Us hc suits between OTHER parties
in all cases i'll wnicn any such commissioner snail
be party, whether plaintiff or defendant, and it
Shall appear that there HIS been mutual credit
given by the Bank, and amy other corporation
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 Snail be stated and one debt shall be
set OH against the other, and the balance of sucn
account on:y shall be allowed or paid eitheir
side respectively; and the costs III 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 snail be no application of any funds in
the hands of such commissioner TO the satisfac-
ton III whole or in part OF any claim whatever,
except under 4 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 coltc-
ton of the assets of such Bank, of every nature
and description and for the payment OF the costs
ana expenses incident 10 inc proceedings The
creditors whose claims and demands have been
proved and established as aforesaid against the
estate and effects OF such Bank in the hands of the
commissioner, slalI be entitled to payment in
OF SUCH commissioners, as the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established according to
the provisions of this act within the time allowed
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 tor their re-
covcry otherwise than is herein pI divided shall on
the plea of the commissioner of such Bank be
abated or on his motion be dismissed.
See. g. Be IL further enacted, That il 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 denominited 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, ono of which shall be pub
lishcd in the City of Raleigh; in the city of
Charleston, S. e.; i'll 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 i'll the city of Augusta, Ga one in the city of
Montgomery, Ala; one in the city of N. Orleans;
Sec. Z. BE 1t further enacted, That any 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