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Indiana Code Title 28. Financial Institutions § 28-13-10-11

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 11.  (a) A corporation shall retain its business records under this section for the period required by this section.

(b) A corporation shall permanently retain:

(1) minute books of meetings of shareholders and directors;

(2) the capital stock ledger and capital stock certificate ledger or stubs;

(3) the general ledger;

(4) the daily statements of condition;

(5) the investment ledger;

(6) the copies of examination reports;  and

(7) other records required by the department of financial institutions under this section.

(c) A corporation's board of directors shall develop a records retention policy.  In developing the policy, the board of directors shall consider:

(1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;

(2) state and federal statutes of limitation applicable to legal actions and administrative proceedings;  and

(3) availability of information contained in the company records from other sources.

(d) Except for records under subsection (b) and for other records required to be permanently retained, a corporation may dispose of a record that has been retained for the period required and in the manner required by this section.  A corporation is not under a duty to produce the record in an action or proceeding after the disposal of the record.

(e) This section applies to a corporation under IC 28 and to national banking associations to the extent that this section does not contravene federal law.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-13-10-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-13-10-11/

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