Year: 1866

WHEREAS, The financial policy of the Federal
Government adopted to maintain the national
credit, with the heavy taxes imposed by that Gov


ernment on the Banks of the State, makes it ai1
solutely necessary that said Banks should close
their business, and renders a further continu nce


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


Section l. Be it enacted by the General Assembly
Of the State Of North Carolina, and 1t as hereby
enacted By the autt1-ity Of the sanae That ii the
Stockholders OF any OF the Banks chartered oy !he
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 Tor the benefit of its
creditors and to close its business and surrender
their chartered rights and franchises in conormi-
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 credl-
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 q 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 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 aforesaid, upon filing the bond
required of him, shall forthwith become, and SO
long he shall contiue such commissioner and
longer shall be vested with all the estate, ef-


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 whi,h 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 other proper officer to endorse
without recourse, all such bills or notes, draw all
such checks orders for money and execute such
other paper writings as the court shall deem ne
cessary or useful to enable the commissioner to
demand recover and receive the estate and e.
benefit
The commissioner shall have the like remedy to
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 if no proceed
ings had been had under this act; and should any
such Bank have made any sale or transfer OF It's
property effects fraudulent as to It's creditors
but valid between the parties, in such cases
such commissioner shall stand in the place of the
creditors, and may recover ana receive sucn pro-
pertyor effects raudulenty sold or transferred,
although such Bank could not have done so. In
all suits prosecuted by such Commissioner at


law or i'm EQUITY the plaintiff shall be styled 1.-The
Commissioner" (adding 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 i'll the


name of such Bank for the recovery OF any estate;
debt or demand which might or ought to be vested
in such Commissioner aSE aforesaid, such CommlS-
sioner shall be admittedko prosecute the same in
like manner and to like effect; AID no suit pend
ing at any time for the recovery of any estate,
debt or demand in the name OF such Commission


er shall be abated by the death removal of such



ed in such (as is hereinafter provided) shall
be admitted to prosecute the same in like manner


and to like effect if tie same had been origin
ally commenced by him.


Sec g. 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 orders OF the court; and
| il any such Commissioner shall refuse or unrea-
sonably delay or neglect to obey any rule order


or decree of the court, it shall be the duty of the
court to remove such Commissioners; and upon
such removal or upon any vacancy by death or
otherwise, the court shall appoint some other
person Commissioner, who shall enter into bond
in such the court shall direct in like inan


and for the like and purposes as provided
in cases of the Commissioner first appointed;
and thcreupon 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 etfcctualy if he had been the com
missioner first appointed; andthe 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 in the hands possession of
such new commissioner,


Sec. 4. Be it ftsrJter enacted, That all demands |
of creditors may be preferred and proved before |
such commissioner, and for sll purposes cohnect- |
ed with the investigation OF tie demands OF any
person claiming to he 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 |
wholly or in part disallowed by any commission
er may appeal to the Court, where the same shall |
be determined according to the course of the |
Court or decided at law, the court may direct; |
and in all such appeals the case shall be docketed


in tAe 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 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 thcm whether such debts


Il, nd oyyahl 10 n mot ~ hnfu
the parties shall be stated, and one debt shall be
set off against the other and the balance of such
account only shali be allowed or paid on eitheir |
side respectively; and the costs in all cases shall


be paid by either party as the court shall direct


The commissioner snail from time to time pre- |
pare statements in writing of all claims allowed |
by him; showing the character of such claims and |
the evidence which their validity is based |
and there shall be no application of any funds in


the hands of such commissioner to the satisfac-


tion in whole or in part of any claim whatever, |
except under rule or order of the court there
for.


Sec. s. Be further enacted, That the court shall


make all proper orders and decrees 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 aforesaid against the


estate and effects of such Bank in the hands of the
commissioner, shall be entitled to payment in |
satisfaction of the out of the assets in hands


of such commissioner, as the court shall order
and direct; and all such claims and demands not |
prosecuted proved and established according to


provisions OF tllS act WlIhln 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 pea of the commissioner of sUch Bank be
abated on his motion be dismissed


See. 6. Be IL fa7tIter enacted That ii 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 fer the space
of thirty days as it may be filed in at least
fifteen newspapers, one of which shall be pub
lshed 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 York;
one 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.


!, See Z Belt further enacted, That anyone of the
the Judges OF the Supreme Court, or of the Su-
pcrior 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 ayr