part, or within six months after becoming subject to this provision, each carrier shall appoint an officer or other responsible employee to supervise the destruction of records and documents. Such appointment shall be by formal corporate act of the carrier's Board of Directors. (b) Authority to supervise the destruction of carrier records maintained by an association, joint bureau, etc., may be delegated to the manager or other chief officer by the supervising officer of each member line. (c) The Board of Directors at its option may by a similar formal act of appointment delegate to a bank, trust company, or similar institution having custody of railroad records in the normal course of business, the authority to destroy such records upon compliance with the requirements of the regulations in this subpart. § 1220.5 Record of destroyed records. (a) The supervising officer or other designated employee shall maintain a record of all carrier records and documents which have been destroyed pursuant to the regulations in this subpart, except those the retention of which is optional with the carrier. However, the record shall include all records and documents destroyed under the supervision of persons other than the supervising officer pursuant to § 1220.4 (b) and (c), including those the retention of which is optional and which could be omitted if the supervising officer had directed the destruction. Item (b) The record shall be available for inspection in the office of the supervising officer and shall be in such detail that the destroyed records or documents may be identified and the time, place, and method of destruction can be established. If the destruction is by accident or at the hand of an unauthorized person not subject to the carrier's control, then the record shall include a statement of the relevant circumstances. § 1220.6 Carriers going out of business. The records and documents relating to operations of a Carrier subject to the regulations in this subpart may be destroyed without regard to the prescribed periods of retention after carrier status is abandoned for purposes of the Interstate Commerce Act: Provided however, (a) If the carrier is a corporation being dissolved by act of the authority which created it, the records may not be destroyed until dissolution is otherwise complete, and (b) if the carrier is not incorporated or is being kept alive for purposes other than carrier operations, records relating to former carrier operations may not be destroyed until all transactions relating to such operations are completed. § 1220.7 Prescribed periods of retention. The following list describes the purpose for which a record is necessary and the prescribed periods shall be observed even if a record by some other name serves the described purpose. If identical copies of the same document serve more than one such described purpose, only one copy is required to be retained by the regulations in this subpart. 1 234 (f) Judges' reports of election results.. Minute books of directors', executive committee's, stockholders', and other meetings.. Code and cipher books, file copies of... Capital stock records: (a) Capital stock ledger. (b) Capital stock certificates, records of or stubs of.. NOTE: If the information shown on the stubs described in this item 4 (b) is recorded in permanent records, the stubs are required to be retained only for a period of three years. 555 Item Description of records Period to be retained 5 Bond records: 6 7 8 CORPORATE AND FINANCIAL-continued (a) Registered bond ledger.. (b) Records or stubs of bonds.. NOTE: If the information shown on the stubs described in this item 5 (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.. (d) Records of interest coupons paid and unpaid... (e) Funded debt subscription notices and requests for allotment.. (f) Canceled bonds, paid interest coupons, and unissued bonds. (See item 7.) Record of securities owned: Record of securities owned, in treasury, or with custodians... Retired securities: Stock certificates, bonds, notes, interest coupons, receiver's certificates, and tem- Reports to stockholders: (a) Annual reports or statements to stockholders, file copies of.. 9 Ledgers: (a) General and auxiliary ledgers and indexes thereto, except as provided for else- 14 15 Original records summarizing the results of auxiliary or noncarrier operations for NOTE: Ledgers, journals, abstracts, reports, vouchers, tickets, etc., shall be Deeds and other title papers and franchises... Contracts and agreements: (a) Contracts, leases and agreements, except those provided for in items 15(b), 70, 10 years. Do. 2 years. Do. 1 year. 10 years after dis- Optional, but see 10 years. 15 years. Permanent. Do. Permanent. 5 years after termination, expiration, or completion. (b) Contracts and required files for transactions which are subject to the provisions In original form for of the Clayton Antitrust Act (15 U.S.C. 20). (a) Copies of schedules and returns to taxing authorities for tax purposes.. Copies of applications to and authorities from regulating bodies for the issuance of Item Description of records Period to be retained 19 Insurance records: CORPORATE AND FINANCIAL continued (a) Schedules of fire and other insurance, also records of payment of premiums and (b) Insurance policies.... (c) Record of policies in force. (d) Inspector's reports of condition of property. (e) Reports of property in transit covered by insurance, such as cotton at com. (f) Telegraphic reports of merchandise at terminals, in warehouses, compresses, Letter and telegraphic reports of fire damages... Reports of minor losses by fire not covered by insurance or less than minimum Treasurer's records: (a) Statements and summaries of balances on hand and with depositaries. (d) Records pertaining to verifications of treasurer's cash, or securities.. (e) Records of outstanding vouchers, checks, drafts, etc., issued and not presented.. (g) Bank deposit books, and stubs, ledgers, or records of checks. (h) Slips or statements giving the postings of miscellaneous receipts and payments (i) Lists of vouchers, drafts and checks showing mailing dates. Miscellaneous records pertaining to agents' accounts: (a) General office records or ledgers of agents' accounts showing debits and credits (b) Records and files of indemnity bonds incident to transportation and other (c) General office records relating to extension of credit for transportation and other (d) Statements of corrections in agents' accounts.. 22 Traveling accountants' and auditors' reports: Reports of examinations, audits, and transfers by special accountants, traveling Record of revenue: REVENUES Records summarizing the debits and credits arising from settlements with agents, Interline freight settlements: (a) Abstracts, recapitulations, correction accounts, and summaries. Unsettled way bills: (a) Record of unsettled waybills, waybills in suspense, etc.. (b) Tracers and supporting papers concerning unsettled freight waybills. Records of passenger receipts: Distribution of revenue statements, or recapitulation of passenger revenue by Interline passenger fare settlements: Interline ticket reports, summaries, statements of differences, statements of corrections, and accounts current pertaining to settlements of interline passenger revenue between carriers, passenger associations, and mileage and scrip bureaus. Records of cash fare collections on trains.. Records of revenue from operations other than transportation: (a) Records summarizing the debits and credits to the various accounts. 4 years. 2 years. (c) Originals and copies of telegrams. 1 year. EXPENDITURES Time books, time slips, overtime tickets, delayed-time tickets, work orders, job 2 years. Item 51 Payroll records: (a) Original payrolls and summaries.. (b) Applications and authorities for changes in payrolls. (c) Applications for payroll changes not authorized.. (d) Records and memoranda pertaining to deductions from payrolls.. (e) Receipted pay checks, receipted time tickets, certificates issued for wages, dis- f) Canceled pay checks drawn in favor of "bearer" in payment of wages for which Assignments, attachments, and garnishments: 10 years. 3 years. Optional. Do. Do. (a) Record of assignment, attachment, and garnishment o. employees' salaries..... 1 year. Distribution of labor expenditures: Records showing the detailed distribution of labor expenditures charged to all ac- Records and memoranda showing the detailed distribution of expenditures for Vouchers: (a) Register of audited invoices and vouchers and indexes thereto.. (b) Paid drafts, paid checks, and receipts for cash paid out... (c) Paid and canceled vouchers, audit office copies of vouchers and supporting (d) Lists containing authorities for payments of specific vouchers.. (e) Reports of drafts issued by claim agents, station agents, and others. (f) Record or index of vouchers to be made, with notations of dates of issue. (g) Defect and repair cards attached to bills supporting vouchers. (See item 125.).... Bills collectible: MISCELLANEOUS ACCOUNTS RECEIVABLE (a) Register of bills collectible and indexes thereto.. (b) Audit office copies of bills issued for collection and supporting papers which do (c) Periodical statements of unsettled accounts, except trial balance sheets.. ROAD AND EQUIPMENT PROPERTY RECORDS Road and equipment records: (a) Records and memoranda of the cost or the inventory value of road property. (c) Records and memoranda pertaining to depreciation of road and equipment..... (e) Contracts and other agreements relating to the construction, acquisition, or (f) Records, reports, statements, and memoranda showing the details of all debits (g) Estimates, authorities for expenditures and completion reports for new lines, (b) Estimates, detail records, and memoranda, when the expenditures were not (i) Detail records and memoranda used in preparation of estimates, if summarized (a) Maps, profiles, plans, specifications, estimates of work, records of engineering (b) Maps, profiles, plans, specifications, estimates of work, records of engineering Item Description of records PURCHASES AND STORES Period to be retained 80 Material ledgers: 81 82 (a) Records of material and supplies on hand. (b) Telegraphic reports of supplies on hand other than fuel.. (c) Balance sheets of material and supplies received, issued, and on hand at divi sion storehouses, shops, and other places. (a) General inventories of materials and supplies on hand, with record of adjust- (b) Stock cards, inventory cards, and other detail records pertaining to the taking (c) Minor inventories of materials and supplies on hand, if not used for adjustments. (a) Copies of orders for the purchase of materials and supplies.. (b) Invoices for materials and supplies purchased whether attached to vouchers (c) Advices from individuals and companies acknowledging receipt of orders for (d) Bids and offers for the sale or purchase of material and supplies. (e) Contracts for the purchase or sale of materials and supplies except as provided (f) Advices or requisitions from storekeepers and others for the purchase of ma (g) Lists or records of invoices transmitted to or from storekeepers... (h) Receipts or delivery tickets issued for material and supplies received in install- () Freight bills covering charges on materials and supplies... (j) Reports of scrap on hand. k) Authorities for the sale of scrap and other material and supplies. Materials and supplies received: (a) Records or reports of materials and supplies received by carriers. (b) Records of inspecting and testing materials and supplies... (c) Records of materials and supplies released and returned to stock. (d) Orders on other carriers for, and records of receipt of. material for repairs of (a) Records and reports of materials and supplies issued. 83 5 years. 1 year. 2 years. Do. foreign cars. 84 Materials and supplies issued: 3 years. (b) Records and reports of materials and supplies transferred from one department 2 years. (a) Detailed record of fuel purchased. (b) Reports and record of fuel delivered to fueling stations. (d) Reports from fueling stations of fuel received, issued, on hand, and transferred 88 100 101 (c) Records and untranscribed reports of fuel received and issued at fueling stations, (e) Daily reports of fuel on hand. (f) Reports and records showing the detailed distribution of expenditures for fuel (g) Reports of labor handling company fuel. (h) Requisitions and receipts from enginemen and others for fuel supplied.. (a) Conductors' and stewards' reports of supplies, drawn, consumed, and on hand.. WAY AND STRUCTURES Authorities for expenditures for repairs of road way and structures.. (a) Reports and records of rail and cross-ties laid, ballast applied, and work per- 1 year. Optional. 5 years. 1 year. Optional. 1 year. Do. Optional. 2 years. Do. 102 103 104 Reports and records of repairs and renewals of buildings, bridges, and other structures. Do. Do. Do. |