Sec.36a-40-2. General rules

(a) Section 36a-40-3 of The Regulations of Connecticut State Agencies lists the records that shall be retained by Connecticut banks and the length of time that each such record shall be retained. Section 36a-40-4 of the Regulations of Connecticut State Agencies lists the records that shall be retained by Connecticut credit unions and the length of time that each such record shall be retained. Unless otherwise required by sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies, the retention period shall commence on the date of the document. Retention schedules for records which are not listed in sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies and which are routine or internal in nature may be established by each Connecticut bank or Connecticut credit union according to experience and policy with advice of counsel and with approval by the members of the governing board properly recorded in the minute book.

(b) Unless otherwise required by this section or sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies:

(1) All correspondence in connection with records listed for retention in sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies shall be retained for the same length of time as the scheduled item;

(2) All other correspondence shall be treated as routine or internal records as described in subsection (a) of this section; and

(3) Any successor form to a federal or state tax form listed for retention in section 36a-40-3 or 36a-40-4 of the Regulations of Connecticut State Agencies shall be retained for the same length of time as the scheduled item.

(c) Records which are retained in accordance with sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies may be:

(1) Retained in their original forms; or

(2) Reproduced from the original by durable means, including, but not limited to, photographic, microphotographic, photostatic, xerographic, electronic, computerized, or mechanized process, including enlargements or reductions thereof, provided the original record is accurately reproduced in all details.

(Effective August 24, 1993; ; Amended January 30, 1996)