The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-06-28
The N. C. Banking Law.
AN ACT TO ENABLE THE BANKS OF THE
STATE TO CLOSE THEIR BUSINESS.


WHEREAS The financial policy of the Federal
Government adopted to maintain the national
credit, with the heavy taxes imposed by that Gov
ernment on the Banks of the State, makes it ah-
solutely necessary that said Banks should close
their business and renders further continu lnce
of their corporate existence idle and useless to the
Sectien /. Be enacted By the General assembly
Of the State of North Carolina, and it is hereby
ssaetea Sg tie esthrity St s sag,s, & That If the
General Assembly of this State shall be unwilling
to close the business of their Banks by an assign
and effects of such Bank for the benefit of it's
creditors, and to close its business and surrender
their chartered rights and franchises in conformi
such Stockholders may by their bill in equity in
the name of such Bank filed in the Court OF Equity
o. the county in which the principal Bank or any
tors of such Bank to prefer and establish their
demands within such time (not less than twelve
months after decree therefor) as shall be allowed
by the Court. The Court shall upon filing such
bill appoint as commissioner suitable person
acquainted with the business of such Bank, who
shall be paid for his services such sum as 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 in
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 as the court
may allow. =.
Sec. q Be it further enacted, That the commits
sioner appointed aforesaid upon filing the bond
required of him, shall forthwith become, and so
long as he shalt contiue such commissioner and
no longer shall be vested with all the estate, ef-
sed, had or held or was vested with, at the time
of filing such bill, and which such Bank could at
that time have lawfully sold, assigned or trans
ferred including all debts due to such Bank or to
any person for its use and all liens and securities
therefor. The court may require such Bank by
its Cashier or other proper omcer 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
af,,l ha to
demand or recover and receive the est;Ite and et-
fects of such Bank for the benefit of lis creditors.
The commissioner shall have the like remedy to
recover and receive all the estate debts and effects
belonging to such Bank at the time OF filing its
bill, as such Bank might have had if no proceed
ings had been had under this act and should any
such Bank have made any sale or transfer of its
property effects fraudulent us to its creditors
but valid as between the parties, in such cases
such commissioner shall stand in the place of the
creditors and may recover and receive such pro-
pertyo effects raudulently sold or transferred
although such Bank could not have done so. In
all suits prosecuted by such Commissioner at
law in Equity the plaintiff shall be styled The
Commissioner" (adding thereto the name of the
particular Bank for which he has been appointed
the COMMISSIONER and if at the time of filing
such bill by any Bank any action at law or pro-
ceeding or 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 to be vested
in such Commissioner rs 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
observation-disclosures hnto Commissionertobe he appoint-
ed in such cases Gas is hereinafter prOvded shall
and to like effect us if the same had been origin
ally commenced by him.
Sec. 3. Be it further enacted, That the Commits
sioheI i Sna t; ~ an Isrin;o ot
da TN" Giroctinn and orders of the conrt. and
if any such Commissioner shall refuse or unrea-
sonably delay or neglect to obey any rule, order
or oecree OF one court ~ oe ,ms au.y or LII se
such removal or upon any vacancy oy death ai,o OF
olnel @ MtSc, .nT SHu,S @ IL Iii 80 it Id
petSoI ni @ m the cn,rt Shall diract in lie an
ner anu iof '1e tS HS mpe snu St p;,tS
M IN SasSs sSroan -, S oil tha sstat nronP efFt
Jabts anS rfThts of action vested in sncb Rank
ft the t;m ot fling its hill not before Ia1yfniIv
5;s1 III NJ nv ony forper Conmissioner sbali he
Gnrtthxitb vested in such new commissioned as
ieaaIIv and effectualIy as if he had been the com
mfssioner first anponted: and the court shall have
the nOwer to reauire any former Commissioner or
the renrcsentatiye of any deceased commissioner.
to surrender to such new commissioner any such
.. " 80. ,,,ono,1 or ey;denca ot deht yI;oh
of rigRt should be in the hands or possession of
sueh new commissioner
Co. Re- n further e,octed That all demands
oo, ci;t ~ - ~ 80, ha ,,referred and nrovad hefore
ol Sreu.o ; aHaS no S p e. % II I,,u n oon.
sacm d tI th nDeSti1ation of the demands Of any
.n ou iaimin~ to he n creditor as oforesoid the
Pis;nnar sbau bouo no,ver +o ad,n;n;ste,r oil
ti d IN +ha on,so Of snob nrnnaeSinr
oaIris InSed III naSitor ,i,os cio;p sTau S
nho9Ilv ~ in mart disaIIowed bv anv Commission
wnody OF IN i'to ~ th ro Ty anf sha
6n defgerppined accordinn 70 the conrse of the
Ct e o. d.n;dod 81 ia,, 3. tIa no,,rt no., S;raot
ed IN al sncb anneais the case shall he dock eted
in the name of III HE creditor AGAINST 1The Com
missioner of - laddinr the name of the Rank
nf ,b;cI be is comH;ss;nSer and shall he tried
nd determ;ned ns Ill s,,its bet other nartieS
9nu 9 III @ II; W. T h; @ & b GHI p
be a party whether plaintff 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 or 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 on either
side respecty.ly: 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 ali 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 satisfac
ton in whole or in part of any claim whatever,
0aT1t TInHR rrn rrIo r<,ff fha