17:12B-197 - Bookkeeping methods and accounting practices;Ā destruction of books, records, et cetera
17:12B-197.Ā Bookkeeping methods and accounting practices;Ā destruction of books, records, et cetera
The commissioner may adopt rules and regulations with respect to bookkeepingĀ methods and accounting practices designed to produce safety of operation andĀ each State association and its officers and employees shall comply therewith. The commissioner may also adopt rules and regulations permitting theĀ destruction of books, records, certificates, documents, reports, correspondenceĀ and other instruments, papers and writings of a State association, which,Ā because of age or other reasons, need not be preserved; provided, however,Ā that any association may make a photographic copy of any of its documents andĀ records relating to the accounts of its members and the operation of itsĀ business, other than its notes, bonds, mortgages and other securities andĀ investments, and may substitute the photographic copy for the original thereof. Thereafter the photographic copy or a positive print thereof, if the same be aĀ negative, shall be deemed for any and all purposes to be an originalĀ counterpart of the original thereof and the association may destroy orĀ otherwise dispose of the original.
Any photographic copy herein described or any positive print thereof, if theĀ same be a negative, may be of the same or a different size than the originalĀ thereof, and may be a detached copy thereof, or may be combined in the sameĀ film with copies of other documents or records of the said association.
L.1963, c. 144, s. 197.
Ā
The commissioner may adopt rules and regulations with respect to bookkeepingĀ methods and accounting practices designed to produce safety of operation andĀ each State association and its officers and employees shall comply therewith. The commissioner may also adopt rules and regulations permitting theĀ destruction of books, records, certificates, documents, reports, correspondenceĀ and other instruments, papers and writings of a State association, which,Ā because of age or other reasons, need not be preserved; provided, however,Ā that any association may make a photographic copy of any of its documents andĀ records relating to the accounts of its members and the operation of itsĀ business, other than its notes, bonds, mortgages and other securities andĀ investments, and may substitute the photographic copy for the original thereof. Thereafter the photographic copy or a positive print thereof, if the same be aĀ negative, shall be deemed for any and all purposes to be an originalĀ counterpart of the original thereof and the association may destroy orĀ otherwise dispose of the original.
Any photographic copy herein described or any positive print thereof, if theĀ same be a negative, may be of the same or a different size than the originalĀ thereof, and may be a detached copy thereof, or may be combined in the sameĀ film with copies of other documents or records of the said association.
L.1963, c. 144, s. 197.
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