§ 23-46-511 — Retention of records

(a) Every state bank or subsidiary trust company shall retain its business records for periods that are or may be prescribed by or in accordance with the terms of this section. (b) Each state bank or subsidiary trust company shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, and all records which the Bank Commissioner and the State Banking Board shall, in accordance with the terms of this section, require to be retained permanently. (c) All records other than those described in subsection (b) of this section shall be retained for periods that the commissioner and board, in accordance with the terms of this section, shall prescribe. (d) The commissioner shall issue rules, with the approval of the board, prescribing the period for which records must be maintained. The periods may be permanent or for a term of years. (e) Any state bank or subsidiary trust company may dispose of any records which have been retained for the period prescribed in accordance with the terms of this section and shall, after it has disposed of a record, thereafter be under no duty to produce the record in any action or proceeding. (f) (1) In lieu of retention of the original records, any state bank or subsidiary trust company may cause any or all of its records, and records held at any time in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced in permanent form. (2) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.

Legislative History

Amended by Act 2019, No. 315,§ 2534, eff. 7/24/2019. Acts 1997, No. 89, § 1.