The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-30
RALEIGH, N. c., SATURDAY,
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.

credit with the heavy taxes imposed by that Gov
eminent on the Banks of the State, makes it ab
sSiately necessary that saa anntu
of their corporate exist idle and useless TO the
people of the State,
Section l. BE ii e,sacted 6y the General assembly
Of tie State Of North Cu,olina, and 1t is hereby
enacted 6y tie ault,rty g the same That If the
Stockholders of any OF the Banks m 1y the
to close the business of their Banks by an assign
meut and are desirous toappropriate all the estate
and effects of such Bank Tor the beneht OF its
creditors and to close its business and surrender
their chartered rights and franchises in conformi-
ty with the subsequent provlsions OF this act,
such Stockholders may by their bill in equity in
the name of such Bank filed in the Court of Equity
D the county in which The prihcipai BANK or any
OF its branches may be located ,equlre tne credi-
tors of such Bank to prefer and establish their
demands within such time (not less than twelve
months after decree therefo:) AS shall be allowed
by the Court. The Court shat upon fling such
bill appoint as commissioner 2 suitable person
acquainted with the business such Bank, who
shall be paid for his services such sum as may be
allowed by the eourt. Such commissioner shall
give bond with ample security, payable to the
State for the faithful discharge OF his duties in
| such sum as shall be approved oy tie court,
which bond shall be filed in court and may be
sued on for the use of such persons as the court
may allow.
Sec 2. Be it further enacted That the commits
sioner appointed a. aforesaid, upon filing the bond
required of him. shall forthwith become, and so
long as he shall Contiue such commissioner and
no longer, shall De vested with all the estate, ef-
fects and rights O. action which such Bank posses
sed had or held or vested with, at tine Time
of tii,,g such bill, arG which such Bank could at
that time have lawirliy sold, assigned or trans
ferred. Including all deb,s due to such Bank to
any person for its use and all liens ana securities
| therefor Tue court may 'equre such Bank by
its Cashier or other proper officer to endorse
without recourse all such bills or notes, draw all
such checks or orders ;Or money and execute such
other paper writings as :he court shall deem ne
demand or recover and receive the estate and et-
fects of SUCH Ban the benefit OF its creditors
The commissioner shall have the like remedy to
recover and .eceye all .be estate, debts and cts
belonging 20 such Bauk at the time OF filing its
bill, as such Bank might have had if no proceed
in2s had bee, lad under this act; and should any
such Bank have made any sale O.. transfer of its
property effects, fraud ulent US TO its creditors
but valid as between the parties, in such cases
such commissioner shall stand il the place of the
creditors, and may recover and receive such pro-
pcrty effects traudulently sold o. transferred
although such Bank could nor have cone so. In
all suits prosecuted by such Commissiooer Mt
law or i'm Equity the plaintiff shall be styled 1.-The
Commissioner (adding thereto the name OF the
particular Bank for which he has oeel appointed
| the COMMISSIONER and il at the time of filing
such bill by any Bank any action at law or pro-
ceedjnu OF suit in Equity shall be pending in the
name OF such Bank for the recovery OF any estate,
debt or demand which might or ougia 10 he vested
| in such Commissioner aS Aforesaid, such Commis-
sioner shall be admitted to prosecute the same in
! like manner and to like effect; AID 10 suit pend
| ing at any time for the recovery o. any estate,
debt demand in the name of such Commission
er shall be abated by the death .emovai of such
Commissioner, but u Commissioner 10 be appoint
ed in such (as 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 ). Be a Ju,ther enacted, That The Comms-
sioner aforesaid shall in all things connected With
! the discharge of his duties Commissioner, act
| under the direction aud orders OF the eou.t; and
! il any such Commissioner shall refuse o: unrea-
sonably delay or neglect to obey aay rule, order
or decree OF the court, it ehal DC the duty Oh the
| court to remove such COMMISSIONER; H1G upon
| such removal or upon any vacancy bv death or
| otherwise, the court shall appoint So ne other
person Commits ioner, who shall entel INTO bond
| in such sum > fae court snail direct in ike man.
ner and for he Ike uses aud purposes provided
| in cases of iae Commissioner first appointed;
! and thcrcupon all the estate, property, effects
| debts and righis OF action vested in such Bank
after ;ule oi filing it's lii, not before lawfully
disposed .. 10y rny o mer Commissioner, shall b.
| forthwith vesled in suci, rev cOmmis s;oner as
legally AID ,-tiec ualy as Il DE bad been the COM
missioner ii, ap?outee; cad 'he court shall nave
| the power % rat; uife any ioime: commissioner
the rcprcse1 1taiive OF any deceased commissioner.
| to surrender 10 suri pew commissioning any sueii
! estate effects, money o. evidence OF deot which
a.; ridr3f shoud be in tue hands or possession of
| such new commissioned rs.
| Sec l. BE 1t further endcted, That all demands
| of creditors may be preferred and proved before
such commissioner, and Tor all purposes connect
ed with the investigation Of the demands of any
person claiming to be creditor aforesaid, the
! commissioner shall have power % administer all
oaths required in the course of such proceedings.
| Any supposed creditor whose claims shall be
| wholly or ir Dart disallowed oy any commission
| appeal tO the Court, where the same shall
| be determined according to the course o. the
Court decided at law, as the court may direct:
and :, all such appeals the case shall docketed
| in the hame oi the creditor against '..,e Com
| of which he is commissioner and shall be tried
and determined as like suits between other parties.
In all cases in which any snch commissioner shall
| be party, whether plaintiff or defendant, aud it
| shall appear that there has been mutual credit
given by tue Bank. "a and any other corporation OF
| 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 on either
side respectively; and the costs in all cases shall
be paid by either party 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 saisfac-
tion in whole or i'll part of any claim what ever,
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 collec-
tion 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 as 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 assets in hands
of such commissioner, as the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established accordngsto
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 for their re-
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 fsaaherena That it 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 denominated creditors of the particular Bank
| wi if.b- slit ha
noticeof the bill shall be published for the space
of thirty days it may be filed in at least
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 ork;
ono 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. Be IL 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 decrees may be necessary
EII