§ 28-13-10-11 — Records retention

(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.

Legislative History

As added by P.L.11-1998, SEC.23.