9-1130.   Retention of books and records; rules and regulations;destruction; photographic reproduction; electronic recordation;confidentiality of records unaffected.(a) Every bank and trust company shall retain its business records forsuch periods as are or may be prescribed by or in accordance with theprovisions of this section.

      (b)   Each bank and trust company shall retain permanently the minutebooks of meetings of its stockholders and directors, its capital stockledger and capital stock certificate ledger or stubs, its general ledger orthe record kept in lieu thereof, its daily statements of condition, and allrecords which the state bank commissioner shall, in accordance with theprovisions of this section, require to be retained permanently.

      (c)   All other records of a bank or trust company shall be retained forsuch periods as the commissioner shall, in accordance with the provisionsof this section, prescribe.

      (d)   The commissioner shall, in accordance with the provisions of K.S.A.9-1713, and amendments thereto, adopt and promulgate rules and regulationsclassifying all records kept by banks and trust companies, prescribing theperiod for which records of each class shall be retained, and requiring tobe kept such record of destruction of records as the commissioner deemsadvisable. Such periods may be permanent or for a term of years. Prior tothe adoption, amendment or revocation of such rules and regulations thecommissioner shall consider:

      (1)   Actions and administrative proceedings in which the production ofbank or trust company records might be necessary or desirable;

      (2)   state and federal statutes of limitation applicable to such actionsor proceedings;

      (3)   the availability of information contained in bank and trust companyrecords from other sources; and

      (4)   such other matters as the commissioner shall deem pertinent to theinterest of customers and shareholders of banks and trust companies and ofthe people of this state having such records available.

      (e)   Any bank or trust company may destroy any record which has beenretained for the period prescribed, in accordance with the terms of thissection for retention of records of its class, and shall, after it hasdestroyed a record, thereafter be under no duty to produce such record.

      (f)   In lieu of retention of the original records, any bank or trustcompany may cause any, or all, of its records, and records at any time inits custody, including those held by it as a fiduciary, to be photographedor otherwise reproduced to permanent form. Any such photograph orreproduction shall have the same force and effect as the original thereofand be admitted in evidence equally with the original.

      (g)   Any bank or trust company may cause any, or all, transactions,information and data occurring in the regular course of its operations tobe recorded and maintained by electronic means. When the electronic recordsof such transactions, information and data are converted to writing, suchwritings shall constitute the original records of such transactions,information and data and shall have the force and effect thereof.

      (h)   To the extent that they are not in contravention of any statute ofthe United States or regulations promulgated thereunder, the provisions ofthis section shall apply to all banks and trust companies doing business inthis state.

      (i)   Nothing in this section shall be construed to affect any duty of abank or trust company to preserve the confidentiality of their records.

      History:   L. 1975, ch. 44, § 3; July 1.