Indiana § 28-13-10-11 - Records retention

§ 28-13-10-11. 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.

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

IC 28-13-11Chapter 11. Standards of Conduct for Directors

28-13-11-1Discharge of duties; good faith; ordinary prudence; best interests of corporation 28-13-11-2Right to rely on data and other information; financial statements and data 28-13-11-3Bad faith; knowledge making reliance on information unwarranted 28-13-11-4Best interests of corporation; factors considered 28-13-11-5Exemption from personal liability; inapplicability in departmental proceedings 28-13-11-6Legislative intent; business judgment and discretion of directors; corporate takeovers 28-13-11-7Additional considerations affecting board actions or recommendations; approval of majority of disinterested directors; conclusive presumption of validity 28-13-11-8Disinterested persons; director or shareholder of corporation 28-13-11-9Conflict of interest transactions; direct or indirect interest of director; nonvoidability by corporation; voting for authorization, approval, or ratification 28-13-11-10Unlawful distribution; liability of director; right to contribution