Records retention

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.