1. Except as otherwise provided in subsections 2 and 3, after the expiration of 10 years from the filing by the Commissioner of a final report of liquidation of any insolvent bank, the Commissioner, with the consent of the State Board of Finance, may destroy the records of any insolvent bank held in the Office of the Commissioner in connection with the liquidation of the bank. 2. If there are any unpaid dividends of the insolvent bank, the Commissioner shall preserve the deposit ledger or other evidence of indebtedness of the bank which refers to the unpaid dividends until the dividends have been paid. 3. The Commissioner may not destroy any of the formal records of liquidation or any of the records made in the Commissioners office with reference to the liquidation of any insolvent bank.
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