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2024 Indiana Code
Title 28. Financial Institutions
Article 13. Corporate Governance
Chapter 10. Meetings and Action of Board of Directors
28-13-10-11. Records Retention

Universal Citation:
IN Code § 28-13-10-11 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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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.

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

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