Year: 1866

| WHEREAS, The financial Pohcy OF the Feaeral
! Government adopted to maintain the national


credit with the heavy taxes imposed by that Gov


ernment on the B..nks of the State, makes it alb


solutely necessary that said Banks should close


their business and renders further continu lnce


of their corporate existence idle and useless to the
people of the State,


Of the State Of North Cdroiina, and 1t is hereby


enacted 6y tie aut1trity Of the same, That if the


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 are desirous to appropriate all the estate
| and effects of such Bank ior the beneht OF its


creditors and to close its business and surrender


their chartered rights and franchises in conformi-
| ty with the subsequent PROVISIONS S Oh TINS act,


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 tne crea e
| 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 2 Be it further enacted, That the commits


sioner appointed as aforesaid, upon filing the bond
| required of him, shall forthwith becone and so
| long he shall contiue such commissioner and
|
fects and rights of action which such Bank posses
| sed, had or held 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 of1cer 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 recover and receive the estate and e.


fects of such Bank for the benefit of its creditors
! The commissioner shall have tine like remedy to


recover and receive all the estate debts and effects
| uclon :Ing such Bank at the time OF filing its
Dill, such Bank might have had II no proceed
| inys had been had under this act; and should any
such Bank have made any sale or transfer OF its
property effects fraudulent us to It's creditors
| uut 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 raudulcntiy sold or transferred,
| although such Bank could not have done So In
all suits prosecuted by such Commissioner ut


law or i'm Equity the plaintiff shall be styled % The
commissioner" (adding thereto the maine OF the
| particular Bank for which he has been appointed
| the COMMISSIONER and il at the time of htlnS
| such bill by any Bank any action at law or pro-


ceeding or suit i'll Equity snail bc pending in the


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 Commits
! sioner shall be admitted TO prosecute the same i'll
like manner and to like effect; d no suit pend
| ing at any time for the recovery OF amy estate,
| debt or demand in the name OF such Commission





| Commissioner, buta Commissioner to be appoint


ed in such cases (as is hereinafter provided) shall
| be admitted to prosecute the same In ike manner


and to like effect us if the same had been origin
| ally commenced by him.


| Sec. 3. be it 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 order, of the court; and
! il any such Commissioner shall refuse unrea-


sonably delay or neglect to obey any rule order
| court to remove such Commissioner; and upon


such removal upon any vacancy by death or


person Commissioner who shall enter into bond
| in such sum the court shall direct in like man.


and for the like uses and purposes as provided
| in of the Commissioner first appointed;
! and thcrcupon all the estate, property, effects


debts and rights Of action vested in such Bank


after the time filing its bill, not before lawfully
| disposed OF by any former Commissioner, shall be
| .orlnwith vested in such new commissioner as


legally and effect ualy As II he had been the COM


missioner 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 ot 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


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 in the course of such proceedings.
| ANY supposed creditor whose claims shall be
|
| er 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 be tried
and determined as 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 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 debt shall be


set Off against the other and the balance of such
| account only shall be allowed or paid on either


side respectively; and the costs in all shall


be paid by either party as the court shall direct.
| The commissioners shall from time to time pre-
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,
except under rule Or order of the court there
for


Sec 5. Be it further enacted That the court shall
make all proper orders and decrecs 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 as aforesaid against the
estate and effects such Bank i'm the hands of the
commissioner shall be entitled to payment in
satisfaction of the same out of the assets in hands
of such commissioners, us the court shall order
I'LL Sucn ana Qcf1lallOS not
prosecuted, proved and established according to
the provisions OF this act within the time allowed
by the decree OF tine court therefor shall be barred
of recovery by any action at law or other proceed
in. in equity;, and any suit brought for their re-
covery otherwise than is herein provided shall on
the pIea OF the commissioner of such Bank be
abated, or on his motion be dismissed


See. 8. Be ii further enacted, That il 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 denominatcd creditors of the particular Bank
in 6ehalf OF which suit may be Instituted and
notice of the bill snail be published for the space
of thirty days so soon as it may be filed in at least
fifteen newspapers, one OF which shall be pub
lished in the City of Raleigh; in the city of
Charleston 8. G.; one in the city of Rchmo I'd,
Va; one Ell in the city of Baltimore, Md one in the
city OF Philadelphia; one in the city of New York
ono in the city of Augusta, Ga one in the city of
Montgomery Ala; one in the city of N. Orleans;
and one in the city of Nashville, Tenn.


Sec, Belt further eaacted. That any one of the
the Judges of tile Supreme Court, or of the Su-
perior Courts of awand equity, shall have power