State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-110

§53‑110.  Banking Commission to prescribe books, records, etc.; retention,reproduction and disposition of records.

(a)        Whenever in itsjudgment it may appear to be advisable, the State Banking Commission may issuesuch rules, instructions, and regulations prescribing the manner of keepingbooks, accounts, and records of banks as will tend to produce uniformity in thebooks, accounts, and records of banks of the same class.

(b)        The followingprovisions shall be applicable to banks and trust companies operating underChapter 53 of the General Statutes and amendments thereto, and to nationalbanking associations insofar as this section does not contravene paramountfederal law:

(1)        Each bank shallretain permanently the minute books of meetings of its stockholders anddirectors, its capital stock ledger and capital stock certificate ledger orstubs, and all records which the Banking Commission shall in accordance withthe terms of this section require to be retained permanently.

(2)        All other bankrecords shall be retained for such periods as the Banking Commission shall inaccordance with the terms of this section prescribe.

(3)        The BankingCommission shall from time to time issue regulations classifying all recordskept by banks and prescribing the period for which records of each class shallbe retained. Such periods may be permanent or for a lesser term of years. Suchregulations may from time to time be amended or repealed, but any amendment orrepeal shall not affect any action taken prior to such amendment or repeal.Prior to issuing any such regulations the Commission shall consider:

a.         Actions at law andadministrative proceedings in which the production of bank records might benecessary or desirable;

b.         State and federalstatutes of limitation applicable to such actions or proceedings;

c.         The availability ofinformation contained in bank records from other sources; and

d.         Such other mattersas the Banking Commission shall deem pertinent in order that its regulationwill require banks to retain their records for as short a period as iscommensurate with the interest of bank customers and stockholders and of thepeople of this State in having bank records available.

(4)        Any bank may causeany or all records kept by it to be recorded, copied or reproduced by anyphotographic, photostatic or miniature photographic or reproduction process ofany kind which is capable of conversion into written form within a reasonabletime and which correctly, accurately, and permanently copies, reproduces orforms a medium for copying or reproducing the original record on a film orother durable material.

(5)        Any suchphotographic, photostatic or miniature photographic copy or reproduction of anykind, including electronic or computer‑generated data, which is capableof conversion into written form within a reasonable time, shall be deemed to bean original record for all purposes and shall be treated as an original recordin all courts and administrative agencies for the purpose of its admissibilityin evidence. A facsimile, exemplification or certified copy of any suchphotographic copy or reproduction shall, for all purposes, be deemed afacsimile, exemplification or certified copy of the original record.

(6)        Any bank may disposeof any record which has been retained for the period prescribed by the BankingCommission or in accordance with the terms of this section for retention ofrecords for its class. (1921, c. 4, s. 70; C.S., s. 222(h); 1931, c. 243, s.5; 1939, c. 91, s. 2; 1951, c. 166, ss. 1, 2; 1991, c. 677, s. 7.)