The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-02-01


condition Of said banking institutions
ana shall ut said times make affidavit
| that they have made such eXamina-
| ton setting forth the condition of the
said banking institution; said affidavit
to be made upon blanks furnished by
the Corporation Commission: and they
shall Immediately thereafter file said
iahidavit with the Corporation Commits
sion. Any director or individual or
member Of any firm conducting a
banking business who shall fail 10
l!nake said examination or said aft
davit shall be guilty of II misdemeanor
and shall be punished in the discretion
of the court. :
That section twenty three Of the
said act be. and the same is hereby
amended by adding after the word
wear" in line five, the following:
"And it shall also be the duty of the
said bank examiner To verify the re-
| port made by the directors or mem
! bers. or individual conducting amy
| banking institution, as required by sec
| ton three of this act.
The following sections were added
| to the bill of MIR. Webb at the request
| of the Corporation Commissions:
Amend section thirty 600 Chapter
| o75. public Laws of 1903. by striking
out the words "have a receiver APP
| pointed" in line seventeen G7) there
| Of ana inserting in lieu thereof the
words may appoint Il receiver" and
| by adding to said section the follow
| ing words:
| The Corporation Commission shall
| appoint Il receiver for q bank. banking
| institution or banker. which is inSoly-
ent or is conducting its business in an
unsafe or unauthorized manner and Is
| jeopardizng the interests of its deposit
| tors. The order appointing n receiver
1 r., Incl -
bank shall be served on such bank
| within ten days thereafter and the
| bank may appear and except TO such
order within ten days after service
thereof and upon exceptions filed the
! Corporation Commission shall fix a
/ time and place for hearing such ex-
ceptions and ii the same Are oHerruled
the bank may apDeal therefrOm, as
| provided by law for appealing from
/ decisions or orders of the Corpora
/ ton Commission. The receiver shall.
/ before entering upon his duties. give
such bond and security rs may be re-
! nuired by the Corporation Commits
sion. The receiver, under the dircc-
| ton of the Corporation Commission.
shall take possession of the books.
| records and assets of every dcscrip-
! ton of such bank, collect all debts.
dues and demands belonging to i.
/ and upon the order of the Corporation
| Commission may sell or compound all
bad or doubtful debts. and under like
order may sell ali the real and 'per-
sonal property of such bank on such
terms rs tie Corporation Commission
| shall direct. and may. if necessary To
! pay the debts of such bank. enforce
the individual liability of the stock
| holders. such receiver shall hold and
pay out MI monies SO collected under
the orders and directions of the Cor
Il i.se.;n
ton Commission shall before appoint
ing 4 receiver cause notice to be given
by advertisement i'm such newspapers
las they may direct for three conSecu-
tive months. calling upon all persons
who may have claims against such as
Sociatfon TO present same and make
legal proof thereof From time Ia
/ time the Corporation Commission shalt
order the receiver to make a rebate
able dividend of the assets of such
bank which the receiver may collect
on all such claims as may have been
Iproven To the satisfaction of the re-
cefvcr or adjudicated in 4 court II
competent jurisdiction. ana as the
proceeds of assets of such bank are
Icollcctcd by the receiver shall make
further dividends Of all claims adiudi-
Gated. and the remainder of the pro-
ceeds. if any, shall be paid either tC
the shareholders of such bank or their
legal representatives in proportion tc
the stock by them respectively held
| All expenses of any preliminary OF
other examination into che condition
of any bank and all expenses of any
lreceivership shall be paid out of the
assets of such bank before the diStrT-
button Of the proceeds thereof, which
lexpenses shall be ascortained and
iassed upon by the Corporation Com.
mission.
|
! The following bills were passed hy
the Senate:
). b. TO authorize the board OF
commissioners OF Vance county to Is
sue bonds for the establishment OF
graded schools and erection of build
ings
S. 3. To authorize the commission
ers of Chatham county to issue bonds
to pay off their present Indebtedness,
AT 1870 the special order for the
day, the Vann bill, for the protection
of fish in Pamlico and Albemarie
sounds and their tributaries. came up
ON the calendar.
Nh. Stubs, of Martin, asked to
withdraw the bill he substituted sew
eral days ago, as the majority report
of the committee, and offered new
| substitute.
Mr.. Stubs said he had studied the
matter thoroughly from the lights
given him. but that no man except q
practical fisherman could not perfect
| ly understand it. 1t was not a mat
ter of theory. but of facts and prin-
ciples. For thirty years these Peep {
in the county have been fishing in
the same manner and the same mode
The bill would attempt to restrict. Dur
ing the past three years when the
fishes of the other waters have fallen
off, the same ratio has been expert
enced by the people Of Dare county
The people OF Dare county have been
exercising their just rights, and this
is the first legislation they have COM
planned OF. amt believe to be Infringing
on their almost inalenable rights
When this proposed legislation was
suggested, the citizens of Dare coun-
~, who had suffered the same de-
crease in their supply Of fish, offered
a substitute, restricting themselves rs
we'll as the others. He declared that
{ if this bill should be passed the Leg
islature should just as well to consti-
tute the county of Dare q tremendous
aims house. Their life their susten-
ance depends upon their fisheries, AND
, this is their sole Sustenance and de-
. pendence these DeoDle have ever had
oox1-o@ n ffnr1 gasoline a