Vermont § 30401 - Preservation of records

§ 30401. Preservation of records

• (a) A Vermont credit union and any state-chartered credit union with an office in this
  State shall keep such books, accounts, and records relating to all of its transactions
  that will enable the Commissioner to ensure full compliance with the laws of this
  State. Each such credit union shall retain its business records for such periods as
  prescribed by the Commissioner by regulation. (b) Any such credit union may dispose of any record that has been retained for the period
  prescribed by or in accordance with the regulation for retention of records of its
  class, and thereafter shall be under no duty to produce the record in any action or
  proceeding. (c) Records required to be preserved and retained by law or regulation may be maintained
  in paper, photograph, microprocess, magnetic, digital, mechanical, or electronic media,
  or in or by any other information storage device or process that forms a durable medium
  providing reasonable assurances against tampering and degradation of any reproduction
  of the original record, and that can be accurately transferred to paper in a legible
  written form within a reasonable time. Records maintained in a computer-based format
  shall be archival in nature only, so as to preclude the possibility of alteration
  of the content of the record by computer once the record has been transferred to that
  format. Any record reproduced from a record maintained in compliance with this subsection
  shall have the same force and effect as the original thereof and may be admitted in
  evidence equal to the original. (Added 2005, No. 16, § 1, eff. July 1, 2005.)