Year: 1866




Government adopted to maintain the national
credit, with the heavy taxes imposed by that Gov
ernment on the Banks of the State, makes it all
solutcly necessary that said Banks should close
their business and renders a further continu nce
their corporate exist idle and useless to the
people of the State, s, = r,.-..


Of the State Of North. Carolina, and Il is hereby
enacted by the a,sthrity y 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 all the estate
and effects of such Bank tor the benefit of its
creditors, and to close it's business and surrender
their chartered rights and franchises in conformi-


ty with the subsequent provisions OF this act,
! such Stockholders may by their bill IN equity in


the name of such Bank filed i'll the Court OF Equity
of the county in which the principal Bank or any


of it's branches may be located require the credi
! tors of such Bank to prefer and establish their


demands within such time (not less than twelve


months after decree therefor) rs shall be allowed
| by the Court. The Court shall upon filing such
| bill appoint as commissioner a suitable person
acq uainted 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
| 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 become, and SO
long he shall contiue such commissioners and
|


fects and rights of action which such Bank posses
| sed, had or held vested with, at the time
Of tililg such bill and whlSh suca aa Bank could at


ferred including all debts due TO such Bank or to
any person for its use 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 notes, draw all


such checks or orders for money and execute such
/ other paper writings rs the court shall deem ne
cessary or useful to enable the commissioner to


demand or recover and receive the estate and e.


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


and receive all the estate debts and effects
| belonging to such Bank at the time of filing its
| bill, as suc! Bank might have had If no procecd
inrs had been had under this act and should any
such Bank have made any sale or transfer of its


property or effects, fraudulent 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-


pertyur effects fruudulently sold or transferred
! although such Bank could not have done SO. In


all suits prosecuted by such Commissioner at


law or in Equity the plaintiff Shall be styled 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-


cccding 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 COmmis


sioner shall be admitted to prosecute the same il,
| 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


or shall be abated by the death or removal ofsuch
COMMISSIONER but i Commissioned to be appoint


ed in such cases Gas is hereinafter proyidedl shall
| be admitted to prosecute the same in like manner
and to like effect if the same had been origin
| ally commenced by him.


| Sec g. Be it farther enacted That the Commits
sioner aforesaid shall in all things connected with
| the discharge, of his duties Commissioner, act


under the direction and orders of the court; and
| il any such Commissioner shall refuse or unrea
souably delay or 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 i'll like man.


ner 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 etIectually as if nc 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 evidence OF debt which
of right should be in the hands or possession OF
such new commissioner. .-.
Sec l. Be IL 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 aforesaid, the
commissioner shall have power to administer all
oaths required i'll the course of such proceedings.
Any supposed creditor whose claims shall be-





cr may appeal tn the Court, where the same shall
be determined according to the course 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 " 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
shall appear that there has been mutual credit
given by the Bank and any other corporation or
person who is the opposite party, or there are
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 paid on eithcir
side respectively; and the costs in all shall
be paid by either party Us the court shall direct
The commissioners 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 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 a rule or order of the court there
for. 81.


make all proper orders and decrces for the coilec
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 esta blished as aforesaid against the
estate and effects OF such Bank in the hands of the
commissioner, sl,all be entitled to payment in
satisfaction of the same out of the assets in hands
of such commissioners, as the court shall order





prosecuted, proved and established accordingito
the provisions of this act within the time a!loYed
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. g. Be f,trth.Y 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 denominated creditors of the particular Bank
in behalf of which suit may be instituted and
notice of the bill shll be published for the space
of thirty days so 500, it may be filed in ut least
fifteen newspapers, one of which shall be pub
lished in the City OF Raleigh; one in the city of
Charleston, 8. T.; o le 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; oile in the city of N. Orleans
and one in the city of Nashville, Tenn.


Sec. 2. Bet further enacted, That any one OF the
the Judges of the Supreme Court, or of the Su-
pcrior Courts of law and equity shall .haye power
at his chambers, from time to time, to make any
such rules, orders or Gecrees as may be necessary
or required for expetL Lting the settlement Of all