§ 710.7. Retention of records.
72 words·~1 min read·
/us/cfr/t12/s§ 710.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The board of directors or liquidating agent shall appoint a custodian for the Federal credit union's records which are to be retained after the final distribution of assets.
(b)All records of the liquidated Federal credit union necessary to establish that creditors were paid and that assets were equitably distributed to the members shall be retained by the custodian for a period of five years following the date of charter cancellation.