Year: 1866

of their corporate existence idle and useless to the


Section l. Be it c.actcd by the General assembly


Of the Stote Of N01th- Cu7Oiind, and ii i% he,e6y


eh'Gcted 6y tie a"th''ty 81 ne sa"ie, That II the
General Assembly of this State sh"il 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 i'll 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 its 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 theretor) as shall be allowed
by the Court. The Court shall upon filing such
bill appoint commissioner a suitable person


acquainted with the business of such Bank, who


shall be paid for his services such sum us may be
allowed bv the court. Such commissioner shall
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 i'll court and may be


sued on for the use OF such persons ;ls the court


may allow.


Sec. 2 q, it tiathe, enacted, That the commits


sioner appointed aforesaid, upon filing the bond
| required of him, shall forthwith become, and


long us he shall contiue such commissioner and


no longer, shall be vested with all the estate, eff


fects and rights of action which such Bank posses


scd, had or held vested with, at the time


Of filing such bill, and which such Bank could at
that time have lawfully sold, assigned or trans


frrrcd, including all debts due to such Bank to


any person for lis and all liens and securities


therefor. The court may require such Bank by


its Cashier or other proper officer to endorse


without recourse, all SUCH bills OF ties, draw all


such checks orders for money and execute such


other paper writings us the court shall deem ne


cessary or useful enable the commissioner to


demand or recover and receive the estate and e.


iects OF such Bank for the benefit OF its creditors


The commissioner shall have the like remedy 10


recover and receive all the estate, debts and effects


belonging TO such Bank at the time of filing its


bill, us such Bank might have had if no proceed


lngs had been had under this act and should any


such Bank have made any sale or transfer of its


property 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-


pcrtyOr effects tr;sudulcntly sold transferred,


although such Bank could not have done so. In


all suits prosecuted by such Commissioner at


law i'll Equity the plaintiff 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 or pro-
cccding 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


i'll such Commissioners f,ioreSaid, such Commits


sioner shall be admittctf o prosecute the in


like manner and to like effect; ard suit pend
Ing at amy time for the recovery of any estate,


debt or demand in the name of such Commission


shall be abatrd by the death or removal of such
Commissioner, buta Commissioner to be appoint


ed in such <as is hereinafter prOHidcdj shall


he admitted to prosecute the same i'll like manner


and to like effect as if the same had been origin


ally commenced by him.


Sec. 5. BE 1t ttt,ticr enacteG, That the Commits


Sioncr 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 unrca-


sonably delay or neglect to obey any rule, order


or decree Of the court, il shall be the duty OF the


court to remove such Commissioner; and upon
such removal upon any vacancy by death or
otherwise, the court shall appoint some other


person Commissioner, who shall enter into bond


in such sum as the court shall direct III like
ncr and for the like uses and purposes as provided


in cases of the Commissioner first appointed;
and thcrcupou 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 cifcctually hs If he had been the COM
missioner first appointed; and the court shall have
the power 10 require any former commissioner or
the representative of any deceased commissioner,
to surrender 10 such new commissioner any such
estate, effects, money or evidence OF debt which
of right should be i'll the hands Or possession OF
such new commissioner.


Sec f. Be IL tttifIeJ enacted, That all demands
of creditors may be preferred and proved before
such commissioner, and for all purposes connect
cd 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 or in part disallowcd by any commission
or, may appeal to the Court, where the same shall
be determined according 10 the course of the
Court, or decided at law, as the court may direct
and in all such appeals the case shall be docketcd
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 lis like suits between other parties
In all cases i'll which any such commissioner shall
be Il party whether plaintiff or defendant, and 1t
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 them, whether such debts
be due and payable or not, the account hetween
the parties shall be stated, and debt shall be
set off against the other and the balance of such
app Onl hlIl he al yn1 nr
side respcctiVcly and the costs in all cases 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.


Sec. 5. Be at further enacted That the court shall
make all proper orders and Gecrees for the collec
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 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 same out of the assets in hands
of such comni ssioner, as the court shall order
and direct; and all such claims and demands noG
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 other proceed
ing in equity; and any suit brought for their re-
coYery otherwise than is herein provided shall on
the pea of the commissioner of such Bank be
abated, or on his motion be dismissed.


Sec Il. Be IL further eactetl 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 it may be filed in at least
fifteen newspapers, one of which shall be pub
lished 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 Y ork
one in the city of Augusta Ga- one in the city of
Ala; one in the city of n. Orleans;
and one in the city of Nashville, Tenn.


Sec 7. Belt further enacted, That any one of the
the Judges of the Supreme Court, or of the Su-
perior Courts of law anu equity, shall have power
at his chambers, from time to time, to make any
such rules, orders or DEGREES 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,
for the removal or appointment of a commission
er, or for the speedy execution of any of the
powers by this act conferred Oh court of equity.