369.129. Association records, how kept.
Association records, how kept.
369.129. 1. Each association shall keep complete recordsand books of account covering all business of the association.The director of the division of finance may adopt regulationsconcerning the making and retention of the books of account,minutes of proceedings of members of mutual associations, ofstockholders of capital stock associations, and directors and allother records pertaining to the business of the association.Such regulations may include rules prescribing the accountingprinciples and practices to be observed, the dates upon whicheach association shall close its books, the description of assetsand the amounts at which they are to be carried on the books.
2. The director of the division of finance may byregulation permit accounting, bookkeeping, data processing orother recordkeeping services to be performed for an associationby contract or otherwise, whether on or off its premises, butshall require assurances satisfactory to the director that theperformance of such services will be subject to regulation andexamination by the director of the division of finance to thesame extent as if such service were being performed by theassociation itself on its own premises.
3. In the absence of a regulation of the director of thedivision of finance establishing a different time, eachassociation shall preserve all of its records of original orfinal entries for a period of ten years from the date of makingthe last entry thereon, but coupons accompanying deposits in aclub account such as a Christmas club need not be retained formore than two years from the date of closing of such account.
4. In lieu of the original, film, photographic, photostaticor other copies which accurately reproduce all lines and markingson the originals may be retained. Any copy of a record permittedto be kept in lieu of the original shall be admissible inevidence in any proceeding with the same effect as though it werethe original.
(L. 1971 S.B. 3 § 25, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94