Year: 1866

THOMAS SETTLE, S. S.
THE NORTH CAROLINA BANKING LAW.
An Act to enable the Banks the State to Close


their Business.


WHEREAS the financial policy of the Federal Government
fa0P1Ga TO aa mt @ the national credit WITH the heavy W
State, makes it absolutely necessary that said Banks
nuace OF her corporate existence idle and useless to
Of North CarO1a, and is hereby enacted by the aLor
y Of the same, That if the Stockholders of any of the
shall be unwilling to close the business of their Banks by
assignment, and desirous appropriate all the
estate and effects of such Bank for the benefit of its cred
tors and to close its business and surrender their char
tered rights and franchise i'll conformity with the subse
quent provisions OF this act, such Stockholders may by
their bill in equity in the of such Bank filed in the
GonTt OF Equity OF the county in which the principal
Bank of its branches be located require the
creditors Of such Bank f prefer and establish their de-
decree therefor) shall be allowed by the court The
court shall upon filing such bill appoint Commissioner


suitable person acquainted with the business Of such
Bank who shall be paid his services such sum as may
be allowed by the court Such Commissioner shall give
faithful discharge Of his duties in such sum as shall be
approved by the court which bond shall be filed i'll court
and may be sued for the of such persons the


Sec. 2. BE ttote,' enacted That the Commissioner
appointed aforesaid upon filing the bond required Of
HIM shall forthwith become, and long he shall
tinue such commissioner and longer shall be vested
with all the estate effects and rights of action which such
Bank possessed had or held vested WITH at the
time OF ming such which Bank could at that
time have lawfully sold assigned or transferred including
all debts due to such Bank any person for its and
such Bank by its Cashier or other proper officer to endorse
without recourse, all such bills notes, draw all such
checks orders for and execute such other
writings the court shall deem necessary useful to
enable the Commissioner to demand and
its creditors. The Commissioner shall have the like
ed to and receive all the estate debts and effects
such Bank might have had if no proceedings had been
had under this act and should any such Bank have made
,1n
to its creditors but valid between the parties in such
cases such Commissioner shall stand In the place OF the
effects trauduenty sold or transferred although such
such COMMISSIONER at law or in eouy the plantf shall
be styled The Commissioner (addng 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 proceeding suit in
equity shall be pending in the of such Bank for the
recovery of any estaUe debt demand which might
ought to be vested in such Commissioner aforesaid such
like and to like effect; and suit pending any
time for the recovery of estate debt demand in the
name OF such Commissioner shall be abaed by the death
removal of such Commissioner but Commissioner to
shall be admitted prosecute the like
and to like effect as If the same had been originally COM


SEC. 8. BE it tuhe" enacted That the Commissioner
aforesaid shall in all things connected with the discharge
orders OF the court and If any such Commissioner shall
refuse unreasonaby delay neglect to obey rule
order decree of the court it shall be the duty of the
court to such Commissioner, and upon such
mOva upon any vacancy by death otherwise, the



shall enter into bond in such the court shall direct
in like manner and for the like and purposes pro-
hereupon all the estate property, effects, debts and
rights action vested in such Bank after the time of
Commissioner shall be forthwith vested in such
Commissioner as legally and eectualy if he had been
the Commissioner first appointed and the court shall
have the power to require former Commissioner
the representative Of deceased to
render to such Commissioner such estate effects
money evidence of debt which of right should be in the
hands possession Of such new Commissioner.


! f.. enacted demands
tors may be preferred and proved before such commits
ton Of the demands of any person claiming be
aforesaid the commissioner shall have power to
administer all oaths required in the Of such pro-
ceedngs Any supposed creditor whose claims shall be
wholly part dsallowed by any commissioner, may
according to the of the Court decided at law
the Court may direct and in all such appeals the case
shall be docketed in the name of the creditor against
'sThe Commissioner of f." (adding the name Of the
Bank of which he is commissioner and shall be tried and
determined like suits between other parties. In all
in which any such commissioner shall be party
there has been mutual credit given by the Bank and
other corporation or any person who is the opposite party
debts be due and payable not the account between the
parties stated and debt shall be set off against
allowed paid either side respectively and the costs
all shall be paid by either party the court shall
pare statements in writing of all claims allowed by him
showing the character Of such claims and the evidence
pcaton Of any funds in the hands of such commissioner
to the satisfaction in whole or in part OF any claim What
! SEC s. Be further enacted That the court
shall make all proper orders and DEGREES for the
collection of the assets of such Bank OF every
nature and description, and for the payment OF
the costs expenses incident to the proceedings The
creditors claims and demands have been proved
established aforesaid against the estate and effects
of such Bank 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 sa
order and direct and all such claims and demands not
prosecuted and established according to the pro
visions of this act within the time allowed by the decree
of the court therefor shall be barred of recovery by
action at law or other proceeding in equity and any SUIT
brought their recovery than herein
vided shall the plea of the Commissioner of such Bank
be abated. or on his motion be dismissed.


SEC g. Be HfmtteT enacted, That it shall not be
sarv in any bill filed under this act to make parcu
lar corporations parties by but 1t shall
the particular Bank behalf of which suit be ns


ued and notice of the bill shall be published for the
space of thirty days as 1t may be led III at least


fifteen newspapers of which shall be published in the
CITY of Raleigh in the city of Charleston, s. C one
in the CITY of Richmond Va in the city of Baltimore
Md: one in the city Philadelphia; in the city of
New York. in the city of Aug Ga one IN the city
of Montgomery, Ala in the city of New Orieans and
one in the city of Nashville, Tenn.


SEC 7. Bet further enacted That any one of the Judge
of the Supreme Court of the Superior Courts OF Law
and Equity shall have power at his chambers from time
to time make such rules, orders DEGREES as may
be necessary required for expeditng the settlement OF
all controversies between any Commissioner appointed
this act and other parties for the guidance ana


strction of ary Commissioner in matter connected
with the discharge of his duties for the removal
pontment of mmissoner, for the speedy execution
of any of powers by this act conferred court OF
equity.


SEC g. Bet further enacted, That the filing by on
behalf any Bank of bill in the Court OF Equity under
the provisions Of this act SHALL upon the appointment ana