(1) The State Bank Department shall retain its general records for at least ten (10) years, with the following exceptions: Transcripts of hearings before the State Banking Board or the Bank Commissioner shall be retained for at least three (3) years;
(2) Applications submitted to the department shall be retained for at least three (3) years; and
(3) Articles of incorporation and amendments thereto and stock transfer certificates and approvals shall be retained permanently, except in cases in which the records concern a bank which has been merged, sold, or liquidated, in which cases the records shall be retained for at least five (5) years.
(4) In lieu of retention of the original records thereof, the department may cause any or all of its records and records held at any time in its custody to be photographed or otherwise reproduced in permanent form.
(5) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.