Year: 1866

ScctlOn he aL S5tQcfeQ on L1e OefefGt ASSenlOy
Of the iStatesof North Carolina, and 1t is hereby
enacted by The a,a1taity OF 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
men and 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 conforms
. ty with the subsequent provisions of this act,
such stockhoiders may by Their bil in equity IN
of the scountyin 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 therefoFf shall bs allowed
s by the Court. The Court shall upon filing such
bill appoint as commissioner a suitable person
acquainted 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
such sum shall be approved by the court,
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 as 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
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 or trans
ferred, including all debts due to such Bank or to
any person for its and all liens and securities
therefor. The court may require such Bank by





without recourse all such bills or notes, draw all
such checks or orders for money and 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 and e.
fects of such Bank for the benefit of its creditors
The commissioner shall have the like remedy to
recover and receive all the estate debts and effects
belonging to such Bank at the time of filing its
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-
pcrtyor effects trauducnty 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
Commissioner 0udding thereto the name of the
particular Bank for which he has been appointed
the COMMISSIONER aud if at the time of filing
such bill by any Bank any action at law or pro-
ceednG or suit i'll Equity shall be pending in the
name ofsucil Bank for tue recovery of any estate,
debt or demand which might or ought to be vested
in such Commissioner as aforesaid, such Commits
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
cr shall be abated by the death removal ofsuch
Commissioner, buta Commissioner to be appoint
cd in such cases (as is hereinafter proyided shall
be admitted to prosecute the same i'll like manner
and to like effect if the same had been origin
ally commenced by him.


See s. Be it further enacted, That the Commits
tsioner 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 unrea-
sonably delay neglect to obey any rule, order
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 sum as the court shall direct i'll like man
and for the like uses and purposes us provided
in cases of the Commissioner first appointed; !;
and thcreupon all the estate, property, effects
debts and rights of action vested in such Bank
FLING its bill not before lawfully
disposed of by any former Commissioner, shall be
forthwith vested in such new commissioner as
legally and effect ually 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 Sucn
estate, effects, money evidence OF debt which
of right should be in the hands possession of
such new commissioner.


Sec. 4. 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 a 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 10 the course of the
Court or decided at law, as 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
be a party, whether plaintiff or defendant, and il
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 debt
be due and payable or not the account tetweel.
the parties shall be stated and one debt shall bt
account only shall be allowed or paid on eitheil
side respectively; and the costs in all cases shall
be paid by either party us 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 in part of any claim whatever,
except under rule or order of the court there
for.


Sec s. Be it fisrthe, enacted That the court shall
make all proper orders and DEGREES for the collec
/, tion of the assets of such Bank, of every natur
and descriptions 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 il
satisfaction of the out of the assets in hands
of such commissioner, as the court shall order
and direct; and all such claims and demands moi
prosecuted, proved and established according t.
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 Tor their re-
covery otherwise than is herein provided shall On
the plea of the commissioner of such Bank b,
abated, or on his motion be dismissed


Sec. g. Be further enacted, 1hat IL snail not DC
necessary 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; anG
notice of the bill shall be published for the space
of thirty days soon as 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 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. Bet 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
conti OVERSEES between any commissioner appoint
cd 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, for the speedy execution OF any of the
powers by this act conferred on courtof equity