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

2. (b) A corporation shall permanently retain:

   1. (1) minute books of meetings of shareholders and directors;
   2. (2) the capital stock ledger and capital stock certificate ledger or stubs;
   3. (3) the general ledger;
   4. (4) the daily statements of condition;
   5. (5) the investment ledger;
   6. (6) the copies of examination reports; and
   7. (7) other records required by the department of financial institutions under this section.

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

   1. (1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;
   2. (2) state and federal statutes of limitation applicable to legal actions and administrative proceedings; and
   3. (3) availability of information contained in the company records from other sources.
4. (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.
5. (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.

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