Oklahoma § 6-214 - Bank and trust company records - Preservation Reproduction

§ 6-214. Bank and trust company records - Preservation Reproduction

A. Preservation of records. Every bank and trust company shall

retain its business records for such periods as are or may be

prescribed by or in accordance with the terms of this section.

B. Permanent records. Each bank and trust company shall retain

permanently the minute books of meetings of its stockholders and

directors, its capital stock ledger and capital stock certificate

ledger or stubs, its general ledger (or the record kept by the bank

Oklahoma Statutes - Title 6. Banks and Trust Companies

in lieu thereof), its daily statements of condition, and all records

which the Board shall, in accordance with the terms of this section,

require to be retained permanently.

C. Disposal of other records. All other bank and trust company

records shall be retained for such periods as the Board shall, in

accordance with the terms of this section, prescribe.

D. Records - Regulations of Board. The Board shall from time

to time issue regulations classifying all records kept by banks and

trust companies and prescribing the period for which records of each

class shall be retained. Such periods may be permanent or for a

term of years. Such regulations may be amended or repealed. Prior

to issuing any such regulation the Board shall consider:

1. Actions and administrative proceedings in which the

production of bank or trust company records might be necessary or

desirable;

2. State and federal statutes of limitation applicable to such

actions or proceedings;

3. The availability of information contained in bank and trust

company records from other sources; and

4. Such other matters as the Board shall deem pertinent in

order that its regulations will require banks and trust companies to

retain their records for such periods as are commensurate with the

interests of their customers and shareholders and of the people of

this state in having such records available.

E. Disposal - No duty to thereafter produce. Any bank or trust

company may dispose of any record which has been retained for the

period prescribed, in accordance with the terms of this section for

retention of records of its class, and shall, after it has disposed

of a record, thereafter be under no duty to produce such record in

any action or proceeding.

F. Permission to reproduce records - Admissibility. In lieu of

retention of the original records, any bank or trust company may

cause any, or all, of its records, and records at any time in its

custody, including those held by it as a fiduciary, to be

photographed, stored by electronic imaging or otherwise reproduced

in permanent form. Any such photograph, imaged document or

reproduction shall have the same force and effect as the original

thereof and be admitted in evidence equally with the original.

G. Section applicable to all banks and trust companies. To the

extent that they are not in contravention of any statute of the

United States or regulations promulgated thereunder, the provisions

of this section shall apply to all banks and trust companies doing

business in this state.

Added by Laws 1965, c. 161, § 214. Amended by Laws 1995, c. 36, §

7, eff. July 1, 1995; Laws 1997, c. 111, § 17, eff. July 1, 1997.