The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-08-09
The N. C.. Banking Law.

ernmsut on the Bili1s of the State, makes II an
solutely necessary that said banks shouiu erOee
their hnsiness and renders further eontlnu ince
Of corporate existence idle and useless to the
people of the State, - ,b,,,
of the ytate Of North Carolina, and Il as hefeoy
enacted Gy the aattrity Of the same, lhat II tho
Stockholders of any of the Banks chartered DS the
General Assembly of this State shall pc
to close the business of their Banks by an assign
ment and are DESTROYS to appropriate all tne
and effects of such Bank tor the penent u its
creditors and to close its business and SURRENDER
their chartered rights and franchises IN conIorhl
ty with the subsequent provisions OF thls act,
such Stockholders may by their Pill IN equity M
the name of such Bank filed i'll the Court OF Equity
OF the county in which the principal Bank or any
O. It's branches may be located, require the credl-
tors of such Bank to prefer and tn
months after decree therefor) as shall be aiioWea
by the Court. The Court shall upon filing such
bill appoint as commissioner Il suitable person
acquainted with The business of such Bank, VINO
shall be paid for his services such sum as may pI
allowed by the court. Such commissioner sna a
give bond with ample security, payable 70 Inc
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 DC
sued ON for the use OF such persons us Tue coult
Sec ? BE it further enacted, That the commits mis-
sioner appointed as aforesaid upon filing the bond
required of him. shall forthwith become, ana SO
long as he shall contiue such commissioner ana
no longer shall be vested with all the estate, e.
fects and rights of action which such Bank posses
of filing such bill, and which such Bank coulo Ut
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 ana SECURITIES
therefor. The court may require sucl BANK oy
its Cashier other proper officer to endorse
without recourse, all such bills or NOTES, IRA" al
such checks or orders for money and execute sucn
other paper writings the court shall deem ne
cessary or useful to enable the commissioner 10
demand or recover and receive the estate and e.
fects of such Bank for the benefit OF It's creditors
The commissioner shall have the like remedy 10
recover and receive all the estate debts ana effects
belonging to such Bank at the time OF filing lis
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 effects, fraudulent us to It's creditors
but valid as between the parties, i'll such cases
such commissioner shall stand in the place OF the
creditors, and may recover and receive such pro
perty or effects trauduentiy sold or transferred,
although such Bank could not have done so. In
all suits prosecuted by such Commissioner Ut
law or 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 IInS
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 as aforesaid, such Colpmls-
sioner shall be admitted TO prosecute the same IN
like manner and to like effect; and no suitpend
ing at any time for the recovery OF amy estate.
debt or demand in the name of such Commission
shall be abated by the death OF removal OF such
Commissioners, but Commissionerto be appoint
ed in such las is hereinafter provlded) 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 g. & it Juy9her enacted, That the Commits
sioner aforesaid shall in all things connected with
the discharge of his duties Commissioner, act
under the direction and orders OF tine court; and
il any such Commissioner shall refuse or unreal
sonably delay or neglect to obey any rule, order
decree of the court it shall be the duty OF the
court to remove such Commissioners; and upon
such removal upon any vacancy by death or
otherwise, the court shall appoint some other
person Commissioner, who snail enter INTO BOND
In such sum as the court shall direct III like
ner and for the like and purposes as provided
in cases of the Commissioner first appointed;
and thereupon all the estate, property, effects
debts and rights of action vested i'll such Bank
after the time OF hing its BILL not before lawfully
disposed OF by any former Commissioner, shall be
forthwith vested in such commissioner
legally and effectually if he had been the COM
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 OF debt which
of right should be i'll the hands or possession OF
such new commissioner.
Sec. T. Be 1t further enacted, That all demands
of creditors may be preferred and proved before
such commissioner and for all purposes connect
ed with the Investigation of the demands of any
person claiming to be creditor as aforesaid, the
shall have power to administer all
oaths required in the course of such proceedings.
Any supposed creditor whose claims shall be
wholly or in part disallowed by any commission
err may appeal to the Court, where the same 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 he 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 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 or not the account between
the parties shall be stated, and debt shall be
set off against the other, and the balance of such
account only shall be allowed paid on either
side respectively; 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 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 satsfac-
ton in whole or in part of any claim whatever
except under a rule or order of the court there
for.
See s. Be it further enacted That the court shall
make all proper orders and DEGREES for the collec
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 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, the court shall order
and direct; and all such claims and demands not
prosecuted, proved and established accordingito
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. e. 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 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. 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 Y ork
one in the city of Augusta Ga; one in the city of
Ala; one in the city of N. Orleans;
and one in the city of Nashville, Tenn.
Sec. T. Belt further enacted, That any one of the
the Judges of the Supreme Court or of the SUI
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
CONT OVERSEES between any commissioner appoint
ed under this act, and other PARTIES for the guild
auee and instruction of any commissioner in any
afndE dico, Of 1,,fia