Section 380.24 - Schedule of retention periods and description of records(a) The following records shall be retained for not less than two (2) years after final release agreement or settlement agreement is completed between the Administration and contractors under operating-differential subsidy contracts:(1) Official company or corporate records such as certificates or articles of incorporation, minute books, stock ledgers, bond registers, merger or acquisition records, patents and copyrights;(2) Financial statements and reports such as annual reports to stockholders and audit reports by independent public accountants;(3) Insurance records such as policies, underwriters' audit reports, indemnity bonds, salvage data, and claim files;(4) Contracts, agreements, franchises, licenses, etc., such as subsidy, charter, ship construction, and pooling agreements;(5) Vessel operating records such as log books, surveys, position reports, and vessel itineraries;(6) Voyage account items such as manifests, bills of lading, master's accounts, ship's payrolls;(7) Underlying traffic records pertaining to tariffs, dray tickets, pooling agreements, passenger reports, freight and passenger conference records.(b) The following records shall be retained for three (3) years after final audit and/or approval by the Administration:(1) Ship construction or reconversion records such as bids, plans, progress payments, and construction-differential subsidy data;(3) Miscellaneous documents and work papers such as correspondence, operating and construction-differential subsidy rate data, subsidy adjustments pursuant to 46 CFR part 276 and approvals pursuant to Article II-10(c) of operating-differential subsidy contracts;(4) Any document generated under the provisions of the Shipping Act, 1916;(5) Books of account such as general and subsidiary ledgers, journals, cash books, and check registers;(6) Personnel records and supplementary records such as union agreements.(c) Reports prepared by Federal, State, Local, or foreign governments pertaining to any documents referred to in this § 380.24 , shall be retained for the same period as prescribed herein for the retention of the documents to which they apply.(d) If identical copies of the same document serve more than one purpose, only the original copy is required to be retained.Sec. 204(b), Merchant Marine Act, 1936, as amended ( 46 U.S.C. 1114(b) ); Pub. L. 97-31 (August 6, 1981); 49 CFR 1.66 (46 FR 47458, Sept. 28, 1981)
Sec. 204(b), Merchant Marine Act, 1936, as amended ( 46 U.S.C. 1114(b) ); Pub. L. 97-31 (August 6, 1981); 49 CFR 1.66 (46 FR 47458, Sept. 28, 1981)
Approved by the Office of Management and Budget under control number 2133-0501