17:12B-197 - Bookkeeping methods and accounting practices; destruction of books, records, et cetera - New Jersey Statutes

17:12B-197.  Bookkeeping methods and accounting practices;  destruction of books, records, et cetera
    The commissioner may adopt rules and regulations with respect to bookkeeping  methods and accounting practices designed to produce safety of operation and  each State association and its officers and employees shall comply therewith.   The commissioner may also adopt rules and regulations permitting the  destruction of books, records, certificates, documents, reports, correspondence  and other instruments, papers and writings of a State association, which,  because of age or other reasons, need not be preserved; provided, however,  that any association may make a photographic copy of any of its documents and  records relating to the accounts of its members and the operation of its  business, other than its notes, bonds, mortgages and other securities and  investments, and may substitute the photographic copy for the original thereof.   Thereafter the photographic copy or a positive print thereof, if the same be a  negative, shall be deemed for any and all purposes to be an original  counterpart of the original thereof and the association may destroy or  otherwise dispose of the original.

    Any photographic copy herein described or any positive print thereof, if the  same be a negative, may be of the same or a different size than the original  thereof, and may be a detached copy thereof, or may be combined in the same  film with copies of other documents or records of the said association.

     L.1963, c. 144, s. 197.