9-1130. Retention of books and records; rules and regulations; destruction; photographic reproduction; electronic recordation; confidentiality of records unaffected.
9-1130
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 for
such periods as are or may be prescribed by or in accordance with the
provisions of this section.
(b) 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 in lieu thereof, its daily statements of condition, and all
records which the state bank commissioner shall, in accordance with the
provisions of this section, require to be retained permanently.
(c) All other records of a bank or trust company shall be retained for
such periods as the commissioner shall, in accordance with the provisions
of 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 regulations
classifying all records kept by banks and trust companies, prescribing the
period for which records of each class shall be retained, and requiring to
be kept such record of destruction of records as the commissioner deems
advisable. Such periods may be permanent or for a term of years. Prior to
the adoption, amendment or revocation of such rules and regulations the
commissioner 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 commissioner shall deem pertinent to the
interest of customers and shareholders of banks and trust companies and of
the people of this state having such records available.
(e) Any bank or trust company may destroy 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
destroyed a record, thereafter be under no duty to produce such record.
(f) 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
or otherwise reproduced to permanent form. Any such photograph or
reproduction shall have the same force and effect as the original thereof
and 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 to
be recorded and maintained by electronic means. When the electronic records
of such transactions, information and data are converted to writing, such
writings 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 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.
(i) Nothing in this section shall be construed to affect any duty of a
bank or trust company to preserve the confidentiality of their records.
History: L. 1975, ch. 44, § 3; July 1.