§ 11-102-308 — Bank records - preservation - reproduction

Colorado § 11-102-308

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Division of Banking

Text

(1) Every state
bank shall retain its business records for such periods as are prescribed by or in
accordance with the terms of this section.

(2) Each state bank shall retain permanently the minute books of meetings
of its stockholders and directors, its capital stock ledger and capital stock
certificate ledger or stubs, its general ledger (or the record kept by the bank in lieu
thereof), its daily statements of condition, and all records that the banking board
shall, in accordance with the terms of this section, require to be retained
permanently.

(3) All other state bank records shall be retained for such periods as the
banking board shall, in accordance with the terms of this section, prescribe.

(4) The banking board shall from time to time issue rules classifying all
records kept by state banks and prescribing the period for which records of each
class shall be retained. Such periods may be permanent or for a term of years. Such
rules may be amended or repealed. Prior to issuing any such rule, the banking board
shall consider:

(a) Actions and administrative proceedings in which the production of bank
records might be necessary or desirable;

(b) State and federal statutes of limitation applicable to such actions or
proceedings;

(c) The availability of information contained in bank records from other
sources;

(d) Such other matters as the banking board deems pertinent in order that its
rules will require banks to retain their records for such periods as are
commensurate with the interests of bank customers and shareholders and of the
people of this state in having bank records available.

(5) Any state bank may dispose of any record that has been retained for the
period prescribed, in accordance with the terms of this section for retention of
records of its class, and shall, after it has disposed of a record, thereafter be under
no duty to produce such record in any action or proceeding.

(6) In lieu of retention of the original records, any state bank may cause any
of its records and records at any time in its custody, including those held by it as a
fiduciary, to be photographed or otherwise reproduced in permanent form. Any
such photograph or reproduction shall have the same force and effect as the
original and be admitted in evidence equally with the original.

(7) To the extent that they are not in contravention of any statute of the
United States or any rule promulgated thereunder, the provisions of this section
shall apply to all banks doing business in this state.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1074, � 3, effective July 1.