Year: 1866

T.


ernment on the B.nIls of the State, LihhGs 1t ~,


sulutely necessary that SAID banhs elou;, t:,oo I


their business and renders iurther conIln ne


of their corporate cXlsteuce iuio t'ii" "sO-0o w.


Section l. Be it enacted By the General ASSen.Cy


of the State Of NORTH Carolina, ana Thst T'e sf t


Stockholders of any OF the Banks chartered ~ Hn1


General Assembly of this State Shall DC uIi"ii.nS


to close the business of their Banks py an uss!Sn


Inent and are desirous to appropriate all the estate


and effects of such Bank tor the penehI VI ios


creditors, and to close its business anu surten si


their chartered rights and franchises i'll conformi-
tv with the subsequent provisions OF tins act,
such Stockholders may by their Dill IN equity III
the name of such Bank filed in the Court OF hqui'y
o, the county in which the principal Bank or any
O: its branches may be located, require the creul-
tors of such Bank to prefer and estaollsn Inelr
demands within such time (not less IMAM L"elvS
months after decree therefor) as shall be ailoWea
by the Court. The Court shall upon ming sucn


bill appoint commissioner suitapie Perspn
acquainted with the business OF such BANK, Who
shall he Maid for his services such sum as may pe
allowed by the court. Such colnnlssloner snIii
give bond with ample security Payaoie W 'io m
State for the faithful discharge OF his duties III
such sum as shall be approved py the court,


which bond shall be filed in court ana may pe


sued on for the use of such persons as the court


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


sioner appointed aforesaid, upon fllng the ponu


required of him, shall forthwith become, anu 81


long as he shall contiue such commissioner ana


no longer shall be vested with all tne GstaIe, "a


fects and rights of action which such Bank posses





of filing such bill, and Whit such Bank could at


that time have lawfully sold, assigned or Trans


ferred including all debts due to such BANK OF 10


any person for its and all liens and securities


therefor The court may require such Bank by


its Cashier other proper ofhcer 10 ehuolsG


without recourse all such bills or notes, draW All


such checks orders for money ana execute such


other paper writings as the court shall deem ne


cessary or useful to enable the commissioner TO


demand or recover and receive the estate ana e.


fects of such Bank for the benefit OF Its credltors


The commissioner shall have the like remedy 10


recover and receive all the estate, debts ana eecs


belonging to such Bank ut the time OF ming us


bill as such Bank might have had II no proceed


ings had been had under this act; ana snould any


such Bank have made any sale or transfer OF It's


property effects, fraudulent as to IFS creditors


but valid as between the parties, III such cases


such commissioner shall stand IN tie place OF the


creditors, and may recover ana receive such pro-


perty effects traudulently sold or transferred,


although such Bank could not have done so. In
all suits prosecuted by such CommlsSl0neT at
law or in Equity the'plaintif shall be styled ne
COMMISSIONER (adding thereto the name OF the
Darticular 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 as Aforesaid, such CommS-
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 or demand in the name of such COMMISSION


shall be abated by the death or removal OF such


COMMISSIONER buta Commissionerto be appoint


ed in such Gas is hereinafter provided) 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 ;. Be it Tuifher- enacted, That the Commits
soner aforesaid shall in all things connected with
the discharge of his duties rs Commissioner, act
under the direction and orders OF the court; and
it any such Commissioner shall refuse or unrea-
sonably delay neglect to obey any rule, order
or decree of the court it 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
person Commissioner, who shall enter into bond
in such the court shall direct in like man
and for the like uses and purposes as 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 rs
legally and effectually as if he had been the COM
missioner first stappointcd and the court shall have
the powerto 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 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 rs 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 in part diSallOwed by any commission
err may appeal to the Court, where the same shall
be determined according to the 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 ether corporation or
any person who is the opposite party, there are
mutual debts between them whether such debts
be due and payable or not, the account between
the parties snail be stated, and debt shall be
set off against the other and the balance of such
account only shall be allowed or paid on cithcir
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 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 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 as aforesaid against the
estate and effects of such Bank in the hands of the
shall be entitled to payment in
satisfaction OF the same out of the assets in hands
of such commissioner the court shall order
and direct; and all such claims and demands not
proved and established accOrdingato
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 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, or on his motion be dismissed


Sec q. Be it further enacted, That it shall not be
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, s. g.; 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 ork
one in the city of Augusta, Ga; in the city of
and one in the city of Nashville, Tenn.


Sec. z. Belt 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 decrecs 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 the discharge of his duties