The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-09-15
The N. c. Banking Law.
AN ACT TO ENABLE THE BANKS OF TIL
STATE TO CLOSE THEIR BUSINESS.

|
solutely necessary that said Banks should clos'i
their business, and renders further continuance.
of their corporate existence Idle and useless to thu
Section i. Be It enacted By the General assembly
Of the State Of Noyth. Carolina, and Is h.ssr tS
aeS * Tie a IL 1 ss anas bf the the
| General Assembly of this State shall be unwilling
to close the business of their Banks by an assign
and etfects of such Bank tor the benefit of it's
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 in equity In
the name of such Bank filed in the Court of Equity
OF the county in which the principal Bank or any
OF its branches may be located require the credi-
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 commissioner suitable person
acquainted with the business of such Bank, who
shall be paid for his services such sum as may DC
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 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
Sec 2. Be it further enacted, That the commits,
sioner appointed aforesaid, upon filing the bond
required of him, shall forthwith become, and SO
| long he shall continue such commissioner ana
no longer shall be vested with all the estate, eff
fects and rights of action which such Bank posses
sed, had or held or was vested with at the time
of filing such bill, and which such Bank could ut
that time have lawfully sold, assigned or trans
ferred including all debts due to such Bank or to
any person for its and all liens and securities
| therefor. The court may require such Bank by
! its Cashier or 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 useful to enable the commissioner to
demand or recover and receive the estate and e.
fects of such Bank for the benefit of its creditors
The commissioner shall have the like remedy to
recover and receive all the estate and effects
belonging to such Bank at the time OF filing It's
bill, as such Bank might have had if no proceed
ine,s had been had under this act and should any
! such Bank have made any sale or transfer OF its
property effects, fraudulent 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-
pertyor effects so traudulently sold or transferred
| although such Bank could not have done SO. In
| all suits prosecuted by such Commissioner at
law or in Equity the plaintiff shall be styled The
| COMMISSIONER (addng 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 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 aforesaid such Commits
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,
debtor demand in the name of such Commission
shall be abated by the death or removal of such
Commissioner, buta Commissionerto be appoint
ed in such cases Gas is hereinafter Proyided) 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 1t further enacted, That the Commits
sioner aforesaid shall in all things connected with
the discharge of his duties as Commissioner, act
under the direction and orders of the court; and
if any such Commissioner shall refuse or unrea
sonably delay neglect to obey any rule, order
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 OIL
otherwise, the court shall appoint some Other
person Commissioner, who shall enter into bond
in such sum as the court shall direct in like man
in cases of the Commissioner first appointed;
and thereupon all the estate, property, effect
after the time OF filing its BILL not before lawfully
disposed OF by any former Commissioner, shall be
forthwith vested in such new commissioner
legally and efcctually as if he had been the com
missioner first appointed; and the court shall have
the power to require any former commissioner or p
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 or possession OF
such new commissioner
Sec. t. Be it further enacted That all demands
OF creditors may be preferred and proved before p
such commissioner, and for all purposes connect {
ed with the investigation of the demands of any
person claiming to be creditor as aforesaid, the !
Commissioner shall have power to administer all
oaths required ia the course of such proceedings.
Any supposed creditor whose claims shall be :
er, may appeal to the Court, where the shall !
be determined according to the course of the !
Court, decided at law, as 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 like suits between other parties
In all cases in which any such commissioner shall |
be party, whether plaintiff 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 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
shall
be paid by either party as the court shall direct
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 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. s. Be 1t further enacted That the court shall
make all proper orders and DEGREES for the colec
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 same 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 accordng5to
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 or other proceed
ing in equity; and any suit brought for their re-
covery otherwise than is herein provided shall
the plea of the commissioner of such Bank be
abated, on his motion be dismissed.
Sec 6. Be further enacted, That it shall not be
necessary in any bill filed under this act, to make
any particular persons corporations parties by
name, but it shall be sufficient if the defendants
be denominated 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 one of which shall be pub
lished in the City of Raleigh; one in the city of
Va one in the city of Baltimore, Md; one in the
city of Philadelphia one in the city of New York
one 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. Belt further enacted That any one of the
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 expediting the settlement of all
conti OVERSEES between any Commissioner appoint
ed under this act and other parties for the guild
matter connected with the discharge of his duties,