§ 485. Entries in books; preservation of records.
122 words·~1 min read·
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§ 485. Entries in books; preservation of records. 1. No credit union
shall by any system of accounting or any device of bookkeeping, directly
or indirectly, enter any of its assets or liabilities upon its books in
the name of any person, or under any title or designation that is not
truly descriptive thereof.
2. Every credit union shall preserve all of its records of original
and final entry, including cancelled checks, withdrawal slips and
deposit tickets, for a period of at least six years from the date of
making same or from the date of the last entry thereon; provided,
however, that preservation of photographic reproduction thereof or
records in photographic form shall constitute compliance with the
requirements of this section.