The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-05-08
The N. G. Banking Law.
n Afr To ENARLE rHE BANKS OF THE


credit with the heavy taxes imposed by that Gov
ernment on the Banks of the State, makes it alb
solutely necessary that said Banks should clos
of theircorporate existence idle and useless to the
people of the State,
Of the State Of North Cdrolind and At as he'eo5
Enacted by tie authrity Of the same, That if thu
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 an assign
ment and DESTROYS to appropriate all the estate
and effects of such Bank tor the benefit OF It's
creditors and to close its business and surrender
their chartered rights and franchises III con1ofihi
~ with the subsequent provisions OF TINS ACT,
such Stocihoi may by their bill IN equity IN
of the county i'll which the principal Bank or any
of its branches may be located, require the crea-
tors Of such Bank to prefer and estaOllsn tnclr
demands within such time (not less than twelve
months after decree thcrefor) as shall be allowed
by the Court The Court shall upon fling such
bill appoint us commissioner II suitable person
acquainted with the business of such Bank, VINO
shall be paid for his services such sum as may be
allowed BIZ the court Such commissioner shall
give bond with ample security, payable to the
State for the faithful discharge OF his duties in
such shall be approved by the court,
which bond shall be filed in court and may De
sued on for the use of such persons as the court
may allow.
Sec g Be it further enacted, That the commits
sioner appointed lis aforesaid upon filing the bond
required of him, shall forthwith become, and so
long as he shall contiue such commissioner ana
longer, shall be vested with all the estate, Ell
ects 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 at
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 the court shall deem ne
ccssary or useful to enable the commissioner to
demand or recover and receive the estate and e.
fccts of such Bank for the benefit of its creditors
shall l,aN-a I'M a
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 II no proceed
ings had been had under this act; and should any
such Bank have made any sale or transfer OF lis
property or effects fraudulent rs 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-
pcrty effects trauduentiy sold OF 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
Commissioners, (adding thereto the name OF the
! the COMMISSIONER and if ut the time of filing
I such bill by any Bank any action ut law or pro-
ccedinG 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
/ i'll such Commissioners aforesaid, such Commits
siOncr 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
shall be abated by the death or removal OF sucn
| Commissioner, but Commissioner to be appoint
ed in such cases las is hereinafter Provlded shall
be admitted to prosecute the same in like manner
and to like effect if the same had been origin
ailv commenced by him.
See ). Be it Jtnftey. enacted, That the Commits
soner aforesaid shall in all things connected with
the discharge of lis duties as Commissioners, act
under the direction and orders of the court; and
il any such Commissioner shall refuse or unrea-
sonably delay or 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 or
nf .rNI.is hn Shn
person COMMISSIONER who shall enter into bond
III such sum the court shall direct in like man.
ner and for the like uses and purposes rs provided
in of the Commissioner first appointed;
and thereupon all the estate, property, effects
debts and rights OF action vested in such Bank
after the time of filing its bill, not before lawfully
disposed of by any former Commissioner, shall be
forthwith vested in such new commissioner as
legally and cftctualiy as if he had been the COM
missioner first appointed; and the court shall have
the powerto require any former commissioner or
the representative of any deceased commissioner,
estate, effects, money evidence of debt which
of right should be i'll the hands or possession OF
such new commissioner.
See 1. Be IL ttu.;hci. enacted, That all demands
of credit ors may be preferred and proved before
such commissioner, and for all purposes connect
Cd 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 in tho course of such proceedings.
Any supposed creditor whose claims shall be
wholly in part disalowed by any commission
er, may appeal to the Court, where the same shall
be determined according 10 the course of the
Court, decided at law, the court may direct;
and i'll all such appeals the case 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 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 amy other corporation or
any person who is the opposite party, or there are
mutual debts between them, whether such debts
/ hp dine and nay q n
the parties shall be stated, and one debt shall be
set OFT 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 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 snail be no application of any funds i'll
| tie hands Of such commissioner to the SatlSfac-
| ton IL whole or in part of any claim whatever,
| except under rule or order of the court there
| for.
Sec. s. Be it FURTHER enacted, That the court shall
make ell proper orders and DEGREES for the collcc
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 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 according to
the PROVISIONS OF this act WITHIN the time allowed
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 on
| the plea of the commissioner of such Bank be
abatcd or on his motion be dismissed.
Sec. 6. Be 1t further enacted, 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
in behalf of which suit may be instituted and
notice of the bill shall be published for the space
of thirty days soon 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
| Charleston, S. g.. 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 orl1
one in the city of Augusta, Ca one in the city Of
| Montgomery, Ala; one in the city of n. Orleans;
and one in the city of Nashville, Tenn.
Sec. z. Belt 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
such rules, orders DEGREES may be necessary
or required for eXpediting the settlement of all
| CONT OVERSEES between any commissioner appoint
ed under this act, and other parties for the guild
ance and instruction of any commissioner in any
matter connected with the discharge of his duties,
for the removal or appointment of commission
er, or for the speedy execution of any of the