Year: 1866

ernme,nt ON the Banks of the State, makes it ab
| solutely necessary that said Banks should close


their business, and renders Iurtner ~ te


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


Section /. BE It enacted By the General assembly


of the State of North Carolina, and u Is nsTe0y


enacted by the autlt'ity Of the same, That II tne


Stockholders of any of the Banks chartered oy 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 Tor the benefit OF lts


their chartered rights and franchises in conformi-
| ty with the subsequent provisions OF TINS act,
such Stockholders may by their bill IN eqnlty III


the name of such Bank Tiled in the Court OF EQUITY
OF the county in which the principal Bank or any


o. its branches may be located, require the creoi-


tors of such Bank to prefer and t


months after decree therefor) as shall De alloWsa
| by the Court. The Court shall upon filing sucn
| bill appoint as commissioner suitable person
acquainted with the business of such Bank, VINO
shall be paid for his services such sum as may De
| allowed by the court. Such commissioner snall
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 pe
sued on for the use of such persons as the court


Sec. 2. Be it further enacted, That the commits,


required of him, shall forthwith become, and SO
| long as he shall contiue such commissioner ana


no longer shall be vested with all the estate, eI


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 which such Bank could at


that time have lawfully sold, assigned OF trans Is
ferred including all debts due to such Bank or TO


any person for its and all liens and securltles
| therefor. The court may require such Bank Dy
| its Cashier other proper officer to endorse


without recourse, all such bills notes, draw all
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 such Bank for the benefit OF its creditors
! The commissioner shall have the like remedy to
and ivaa q
! belonging to such Bank at the time OF hllng lis
| 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 its


property or effects, fraudulent as 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-


perty or effects traudulenty sold or transferred,
although such Bank could not have done So In
ali suits prosecuted by such Commissioner at
law 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 filing
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 Aforesaid, such Commls-


sioner 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 demand in the name of such Commission


shall be abated by the death or removal OF such
Commissioner but Commissioner to be appoint


ed in such (as is hereinafter proylded) shall


be admitted to prosecute the same in like manner


and to like effect as If the 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
If any such Commissioner shall refuse or unrea-
sonably delay or neglect to obey any rule, order


decree of the court, 1t shall be the duty OF the
court to remove such Commissioner; and upon
such removal or upon any vacancy by death or
otherwise, the court shall appoint some other
Niscinn NVh m ant inf0
in such sum the court shall direct in like man.
and for the like uses and purposes provided
in cases 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
legally and effectualy as if 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 OF debt which
of right should be in the hands OIL possession OF
such new commissioner


Sec 4. 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


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 shall be docketed
in the name of the creditor against 1.-The Com
missioner of - (adding the name of the Bank
of which he is commissioner and shall be tried
and determined 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
mutual debts between them, whether such debts
be due and payable or not, the account between
a mar an hP IN del shQ he


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


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, as 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


by 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
abated, on his motion be dismissed.


Sec. 6. Be 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 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 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; in the city of
Montgomery, Ala; one in the city of N Orleans


and one in the city of Nashville, Tenn.


Sec. T. Be 1T further enacted, That any one 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 or DEGREES as 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 disch afh