1. Every state bank shall retain its business records for such periods as are or may be 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, any analogous formal proceedings of its members or managers, its stock ledger and stock certificate ledger or stubs, its general ledger, its investment ledger, its copies of bank examination reports, and all records which the Commissioner in accordance with this section requires to be retained permanently. 3. All other bank records must be retained for such periods as the Commissioner may in accordance with this section prescribe. 4. The Commissioner shall, from time to time, adopt regulations classifying all records kept by state banks and prescribe the period for which records in each class must be retained. The periods may be permanent or for a lesser term of years. The Commissioner shall keep such regulations current and shall review them at least once every 3 years. In issuing and revising such regulations, the Commissioner shall consider: (a) Actions at law and administrative proceedings in which the production of bank records may 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 Commissioner deems pertinent to ensure that the regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and stockholders or members and of the people of this state in having bank records available. 5. Any state bank may dispose of any record which has been retained for the period prescribed by or in accordance with the terms of this section for retention of records of its class, and thereafter is under no duty to produce the record in any action or proceeding. 6. Any state bank may cause any or all records required to be kept pursuant to this section to be reproduced by the microfilming process, optical disc imaging or any other equivalent technique designed to ensure an accurate reproduction of the original. Any such reproduction has the same effect as the original. Upon completion of such a duplication, the original of any record may be destroyed. 7. To the extent that they are not in contravention of any law of the United States, the provisions of this section apply to all banks doing business in this state.
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