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ized committee of the board of directors, shall have the same effect as if made by the board of directors. A copy of the instrument designating such officer or officers shall be filed promptly with the Commission before the destruction of accounts, records, and memoranda.

(b) If the property of a freight forwarder is in the hands of a trustee, executor, administrator, or assignee, the officer or officers to have supervision of the destruction of accounts, records, and memoranda shall be designated by the trustee, executor, administrator, or assignee. A copy of the instrument designating such officer or officers shall be filed promptly with the Commission before the destruction of accounts, records, and memoranda.

(c) In designating an officer to have general supervision of the destruction of accounts, records, and memoranda it would be preferable to designate by title only, rather than by name and title, and thus obviate the necessity of filing a new resolution each time a successor in the office is appointed. 17 F. R. 10259, as amended at 11 F. R. 9039]

$ 450.4 Written authority of officer having supervision of destruction. (a) When any accounts, records, or memoranda are to be destroyed, an officer having supervision of the destruction of accounts, records, or memoranda (as designated in compliance with $ 450.3 (a) and (b) shall issue a written authority naming the person or persons by whom the accounts, records, or memoranda are to be destroyed (except as provided in $ 450.10).

(b) (1) The written authority may be confined to certain accounts, records, and memoranda which have been retained for the periods of time specified in the regulations in this part, and which the freight forwarder then desires to destroy in which case it shall indicate:

(i) A list of the accounts, records, or memoranda to be destroyed, expressed either in form numbers or by descriptive titles; and

(ii) The period or periods covered by the accounts, records, or memoranda the destruction of which is authorized, or

(2) The written authority may be of continuing effect, applying to any or all of the accounts, records, and memoranda named herein as the periods of reten

tion of such accounts, records, or memoranda attain the limits specified herein.

(c) Such written authority, or a certified copy thereof, shall be filed in the office of the issuing officer as a permanent part of the freight forwarder's records. It is not required that copies of the written authorities be filed with the Commission.

$ 450.5 Certificates of destruction. (a) The person or persons upon whom devolves the duty of the direct supervision of the destruction of the accounts, records, or memoranda under the authority referred to in $ 450.4 (a) and (b) shall make certificate (except as provided for in paragraph (d) of this section and $ 450.10) setting forth that the accounts, records, or memoranda listed in the said authority have been destroyed and that no other accounts, records, or memoranda than those so listed have been destroyed therewith.

(b) If an authority as referred to in $ 450.4 (b) (2) is given, a certificate of destruction shall be made listing either by form numbers or descriptive titles the accounts, records, and memoranda destroyed, naming the period or periods covered by the accounts, records, or memoranda, and stating that no other accounts, records, or memoranda than those so listed have been destroyed therewith. Either (1) a separate certificate shall be made each time any accounts, records, or memoranda are destroyed, or (2) cumulative certificates shall be made with entries each time any accounts, records, or memoranda are destroyed.

(c) Certificates of destruction shall be forwarded promptly to the officer having supervision of the destruction of accounts, records, and memoranda who issued the written authority, and shall be retained in his office as a permanent part of the freight forwarder's records. If cumulative certificates are made they shall be forwarded to such officer periodically, but at least once every six months. It is not required that copies of the certificates of destruction be filed with the Commission.

(d) Certificates of destruction need not be made for accounts, records, and memoranda, the destruction of which, in the list in $ 450.11, is made optional with the freight forwarder, but a

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written authority, either for specific records or of continuing effect (except as provided for in $ 450.10) shall be issued by the officer having supervision of the destruction of such accounts, records, and memoranda.

$ 450.6 Committee for destruction of certain records. At the option of the freight forwarder the board of directors may from time to time name a committee to destroy canceled stock certificates, bonds, or other records covered by item 5 of $ 450.11 in lieu of delegating the authority for the destruction to an officer, as provided in $ 450.3 (a). Certificates of destruction giving full descriptive reference to the documents destroyed shall be made by the person or persons appointed by the officer having supervision of the destruction of records or by the committee. When documents represent debt secured by mortgage, the certificates of destruction shall also be authenticated by representatives of the trustees acting in conjunction with the committee or shall have the trustees' acceptance thereon.

$ 450.7 Joint bureaus and agencies. The regulations in this part apply also to the destruction of accounts, records, and memoranda of traffic associations and other joint agencies maintained by or on behalf of freight forwarders. The manager, chairman, or other officer in charge of the association, bureau, etc., may be delegated by the designated officer of each of the freight forwarders to have supervision of the destruction of accounts, records, and memoranda of the association, etc., and in that event he shall issue all authorities for such destruction, and certificates of destruction shall be filed with him. Otherwise a written authority shall be secured from the proper officer of the member freight forwarders concerned each time any of the accounts, records, or memoranda are to be destroyed, and a certificate of destruction shall be filed with each such officer.

$ 450.8 Method of destruction. (a) The precise method of the destruction of accounts, records, or memoranda is not prescribed. The Commission is not concerned with the method of destruction, whether by fire, sale, or otherwise, so long as the destruction is authorized and a certificate of destruction is filed as required by the regulations in this part.

(b) If the accounts, records, and memoranda are not actually destroyed by the

freight forwarder, but are disposed of by sale or otherwise, the certificate of destruction shall so state. Attention is directed to section 421 (f) of the Interstate Commerce Act, which provides that a freight forwarder shall not divulge to any person information concerning the business of a shipper or consignee which may be used to the detriment of such shipper or consignee. Responsibility for possible infringement of this provision of the law by disposing of its records by other than actual destruction would rest with the freight forwarder.

$ 450.9 Accidental destruction of accounts, records, and memoranda. If any accounts, records, or memoranda are destroyed accidentally by fire, flood, or other casualty, a statement shall be prepared listing as far as may be possible the records destroyed and detailing the circumstances in connection with the fire or other casualty. This statement shall be authenticated by an officer or some responsible employee of the freight forwarder and shall be filed with the officer having supervision of the destruction of accounts, records, and memoranda. A copy of the statement shall be filed promptly with the Commission.

$ 450.10 Duplicate accounts, records, and memoranda Provision is made in item 53 of $ 450.11 for the optional destruction of duplicate copies of accounts, records, and memoranda when such copies are not specifically provided for elsewhere in the regulations in this part, and when they contain no information not shown on the originals. In destroying such copies freight forwarders may dispense with the written authorities and the certificates of destruction. The originals (or one true copy) shall be retained for the respective periods named for such records in the regulations.

$ 450.11 List of accounts, records, and memoranda, and periods of retention. The following list, indicative of counts, records, and memoranda of freight forwarders, is specifically referred to by the regulation embodied in $ 450.1. The classification of the accounts, records, and memoranda enumerated below under the various headings is merely for convenient reference and is more or less arbitrary. The regulations are intended to apply to the items as named or described, regardless of the classification and regardless of where filed. Of the accounts, records, and memoranda which are to be retained

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1 year.

1 Minute books of directors', executive committee's, stockholders', and other Permanently.

meetings. 2 Capital stock records: (a) Capital stock ledger..

Permanently.
(b) Capital stock certificates, records of or stubs of

Permanently.
Note.-If the information shown on the stubs described in this item 2 (b)
is recorded in permanent records, the stubs are required to be retained only
for a period of three years.
(c) Stock transfer register...

Permanently.
(d) Memoranda and bills of sale or of transfer of capital stock.

3 years.
(e) Canceled capital stock certificates. (See item 5.)
(1) Capital stock subscription notices and requests for allotment.

1 year.
3 Bond records:
(a) Registered bond ledger..

Permanently.
(b) Records or stubs of bonds..

Permanently.
Note.-If the information shown on the stubs described in this item 3 (b)
is recorded in permanent records, the stubs are required to be retained only
for a period of three years.
(c) Memoranda and bills of sale or of transfer of registered bonds.

3 years.
(d) Records of interest coupons paid and unpaid....

3 years.
(e) Funded debt subscription notices and requests for allotment.
(1) Canceled bonds, paid interest coupons, and unissued bonds. (See

item 5.)
4 Corporate elections:
(a) Proxies of holders of voting securities

2 years. (b) List or holders of voting securities presented at meetings.

6 years. (c) Qualification oaths of judges of election.

Optional. (d) Qualítication oaths of directors.

Optional. (e) Ballots cast and tabulations of vote..

6 years. (1) Judges' reports of election results.

6 years. 5 Retired securities:

Stock certificates, bonds, notes, interest coupons, receivers' and trustees' May be destroyed at option securities, and temporary certificates taken up and canceled.

of freight forwarder upon complying with require

ments of $ 450.6.
6 Ledgers:
(a) General and auxiliary ledgers and indexes thereto, except as provided | Permanently.

for elsewhere in these regulations.
(b) Balance sheets of general ledgers.....

Permanently.
(c) Trial balance sheets of general and auxiliary ledgers-

Permanently. 7 Record of securities owned: Record of securities owned, in treasury, or with custodians.

Permanently. 8 General and auxiliary journals...

Permanently. 9 General and auxiliary cash books, except cash books at agencies provided for Permanently.

in item 46.

Note.-if any receipts or payments are entered in the aggregate in the general cash book and are detailed only on loose sheets, such loose sheets constitute an auxiliary cash book when no other permanent record of the

items thereon is made. 10 Journal vouchers:

(a) Journal vouchers, journal entries, department bills, and supporting Permanently.

papeis, except as provided in item 30. (b) Slips or statements giving the posting of miscellaneous receipts and pay. 1 year after current year.

ments of funds.
11 Records of nontransportation operations:

Records summarizing the results of nontransportation operations for entry Permanently.
in general books.

Note.-Ledgers, journals, abstracts, reports, vouchers, etc., shall be
retained for the same periods as are provided for similar documents else-

where in these regulations. 12 Deeds and other title papers; franchises; applications to and certificates or Permanently unless trans

permits from regulatory bodies authorizing operations or extensions of opera- ferred to others in connections and all papers, memoranda, and correspondence in connection there- tion with sale of property with.

and operating rights. 13 Contracts and agreements: (a) Card or book records of contracts, leases, and agreements made, and of Permanently.

expirations and of renewals.
(b) Contracts and agreements affecting traffic, operations, charters, and 5 years after expiration.

general matters of the freight forwarders except those pertaining to con.
struction and the purchase of real property and equipment provided

for in item 30, and those provided for in item 43. 14 Tax records:

Copies of schedules and returns to taxing authorities for tax purposes; rec- Permanently.

ords of appeals, tax bills, and statements.

Item

Description of accounts, etc.

Period to be retained

3 years.

3 years.

GENERAL AND FINANCIAL-Continued 15 Copies of applications to and authorities from regulating bodies for the issu- Permanently.

ance of capital stock, bonds, and other securities. 16 Fidelity bonds: Records and files of fidelity bonds of employees..

3 years.
17 Insurance records:
(a) Records pertaining to the payment of insurance premiums and to insur. 6 years.

ance recoveries.
(b) Schedules of risks covered by self insurance...

3 years.
(c) Insurance policies.

Optional.
18 Treasurer's records:
(a) Statements from depositaries of funds received, disbursed, and trans- 3 years.

ferred.
(b) Daily or other periodical statements of the receipt and disbursement of

3 years.
funds. (See note under item 9.)
(c) Ledgers, journals, and other records of outstanding vouchers, checks,

6 years.
drafts, etc., issued and not presented.
(d) Bank deposit books, and stubs, ledgers, or records of checks..

6 years.
(e) Copies of deposit slips.
19 Miscellaneous records pertaining to agents' accounts:
(a) General office records or ledgers of agents' accounts showing debits and 6 years.

credits from various sources.
(b) Records and files of indemnity bonds incident to transportation and 3 years.

other charges.
(c) General office records relating to extension of credit for transportation 3 years after discontinuance
and other charges.

of credit arrangement. (d) Statements of corrections in agents' accounts.. 20 Traveling accountants' and auditors' reports:

Reports of examinations, audits, and transfers by special accountants, travel. 3 years.

ing auditors, time inspectors, weight inspectors, etc., and supporting pa

pers. 21 Records pertaining to verification of treasurers' cash, or securities.

3 years. REVENUES 22 Records of freight revenues: All records summarizing the debits and credits to freight revenue arising

6 years. from settlements with agents and others. 23 Unsettled freight bills: (a) Record of unsettled freight bills, freight bills in suspense, etc.

1 year after settlement or

other disposition. (b) Tracers and supporting papers concerning unsettled freight bills.... 1 year after settlement or

other disposition. 24 Records of revenue from operations other than transportation: Details and summaries of revenue from storage, rents, and of miscellaneous

6 years. revenue.

EXPENDITURES 25 | Distribution and summary of labor expenditures: (a) Records showing the detailed distribution of labor expenditures charged

5 years.
to all accounts, including memoranda and memorandum recapitula-

tion sheets, except as provided in item 30.
(b) Work orders, job tickets, and other papers covering the application of 3 years.

labor, the details of which have been transcribed into other records for

retention.
26 Pay roll records:
(a) Pay rolls, including evidence and description of service performed, ex- Permanently.

cept as provided in item 30.
(b) Records and memoranda pertaining to deductions from pay rolls. Optional.
(c) Receipted pay checks, receipted pay rolls, certificates issued for wages,

5 years.
discharge tickets, time tickets, and other evidences of payments for

services rendered by employees except as provided in item 30.
(a) Canceled pay checks drawn in favor of "bearer" in payment of wages Optional.

for which receipt is shown on pay rolls or other records retained by

freight forwarder. 27 Distribution of expenditures for material and supplies: (a) Journals, ledgers, or other records and memoranda showing the detailed

5 years.
distribution of expenditures for material and supplies chargeable to all

accounts, including memorandum recapitulation sheets.
(b) Work orders, job tickets, and other papers covering the application of

3 years.
labor and of materials and supplies, the details of which have been tran.

scribed into other records for retention. 28 Vouchers: (a) Register of audited vouchers payable and indexes thereto.

15 years.
(b) Paid drasts, paid checks, and receipts for cash paid out, except as pro-

10 years.
vided in item 32 (c).
(c) All vouchers or accounts payable and supporting papers.

10 years.

6 (d) Stubs of bank check books.

years. (e) Lists containing authorities for payments of specific vouchers.

3 years.
(1) Reports of drasts issued by claim agents, terminal, and station agents,

1 year
and others.
(g) Record or index of vouchers to be made, with notations of dates of issue. l Optional.

Item

Description of accounts, etc.

Period to be retained

15 years.

EXPENDITURES—Continued
29 Bills collectible:
(a) Register of bills collectible (or accounts receivable bills) and indexes

thereto.
(b) Copies of bills issued for collection, and supporting papers which do not

5 years.
accompany the original bills.
(c) Periodical statements of unsettled accounts, except trial balance sheets.. Optional.

(d) Record or index of bills to be issued, with notations of dates of issue.... Optional. 30 Property records:

(a) Records and memoranda of the cost or the inventory value of property.. Permanently.
(b) Records and memoranda showing in detail all the items pertaining to Permanently.

expenditures for property.
(c) Records and memoranda pertaining to depreciation, retirements, and Permanently.

replacements of property; also historical records of property.
(d) Receipted pay checks, certificates issued for wages, time tickets, and

3 years.
other evidences of payment for services rendered by employees in con-
nection with property, if full information concerning the expenditures
and the distribution of the charge is shown on pay rolls or other records

retained according to item (b) above.
31 | Special authorities for expenditures:
(a) Estimates and special authorities for expenditures for maintenance and Permanently.

improvements.
(b) Detail records and memoranda pertaining to such estimates, if summar. Optional.
ized in records covered by item (a).

CLAIMS
32 Claims:
(a) Claim registers, card or book indexes, and other records in connection

with the recording of overcharge, loss and damage, personal injury,

fire, and other claims.
(b) Records showing the details of authorities issued to agents and others 6 years.

for participation in freight claims.
(c) All papers substantiating overcharge, loss and damage, personal injury, 3 years after settlement or re-

fire, and other claims, whether such papers are filed separately or at. jection.

tached to vouchers. (See item 28 (b).)
(d) Claim jackets if all information thereon appears in records covered by (c) Optional.

above.
33 Records of personal injury:
Reports and statements regarding personal injuries, when not necessary to

3 years. support claims or vouchers. 34 Records of unclaimed, over, short, damaged, and refused freight:

Tracers, reports, and other records pertaining to unclaimed, over, short, 1 year.

damaged, and refused (reight, when not necessary to support claims or

vouchers. 35 Sales orders: Authorities for the disposal of unclaimed, damaged, and refused freight... 3 years.

TRAFFIC

6 years.

36 Tariffs and other rate authorities:
(a) Tariffs, classifications, division sheets, and circulars in which the freight 4 years after expiration of

forwarders are interested relative to the transportation of property, in cancelation.
the general files of the traffic or other department in which the com-

plete official file is maintained.
(b) Tariffs, classifications, division sheets, and circulars in other depart. May be destroyed at option

ments and at agencies, if copies of the same issues of such tariffs, etc., of freight forwarder after are preserved in the general files referred to in item (a) above.

expiration or cancelation. (c) Special or reduced rate orders, and supporting papers, covering the 4 years.

movement of property.
(d) Requests and receipts from agents and others for tariffs, classifications, Optional.

division sheets, and circulars.
(e) Copies

of concurrences and powers of attorneys filed with the Interstate 2 years after cancelation. Commerce Commission and with other regulating bodies. (1) Written requests on freight forwarders from persons and companies for Optional.

quotations of rates and copies of freight forwarder's quotations. (g) Correspondence and working papers in connection with the making of 4 years after cancelation of

rates and compilation of tariffs, classifications, division sheets, and cir- tariff, etc.

culars affecting the transportation of property. 37 Diversion of freight: (a) Records pertaining to the diversion or reconsignment of freight

4 years. (b) Requests, tracers, and correspondence in connection with diversions or

3 years. reconsignments, if results are summarized in item (a) above.

PURCHASES AND STORES 38 Material ledgers:

Records of material and supplies on hand and detall papers of Inventories 6 years.

taken. 39 Purchases and sales: Bids, offers, copies of orders, and correspondence pertaining to the sale or

1 year. purchase of material and supplies. 40 Material and supplies received and issued: (a) Records and reports of material and supplies received and issued..

3 years. (b) Requisitions and receipts for material and supplies issued, the totals of 1 year.

which have been transcribed into other records for retention.

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