(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 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.As added by P.L.11-1998, SEC.23.
Indiana Legal Code