[wellylug] NZ laws on Data retention

Michael Dittmer (An Inside Job) michael at inside-job.co.nz
Mon Jun 20 23:30:49 NZST 2005


Thanks for the info, I have checked out http://www.legislation.govt.nz and
have been slowly reading the material (of which there is much - no surprise
there).

I'll read the Companies Act right now.

Thanks Much

Michael

-----Original Message-----
From: wellylug-admin at lists.wellylug.org.nz
[mailto:wellylug-admin at lists.wellylug.org.nz] On Behalf Of
pmilne at paradise.net.nz
Sent: Monday, 20 June 2005 10:33 p.m.
To: wellylug at lists.wellylug.org.nz
Subject: Re: [wellylug] NZ laws on Data retention

> Hi All
> 
> I'm not sure who to ask on this since my parents can't remember, but 
> does anyone know what the NZ data retention laws say or where I can 
> look up the necessary legal documents?
> 
> EG: how long does a company need to keep normal business data and / or 
> financial data for?
> 
> From memory, financial data (eg: bank statements) needs to be kept for 
> a minimum of 14 years and normal business data (eg: e-mail) need to be 
> kept for a minimum of 7 years.
> 
Section 189 of the Companies Act 1993 requires keeping of certain key
documents for 7 years.  Inland Revenue requires financial records to be kept
for 7 years.  I have never heard of a requirement to retain correspondence,
E-mails etc for a certain period.  Hovever the destruction of records,
E-mails etc where litigation is possible or when investigations are pending
is a very serious matter indeed as was vividly illustrated in the Enron
case, and the same applies in New Zealand.

Government agencies, local bodies and other 'public' agencies are required
to archive indefinitely certain of their records, but these can be placed in
the National Archives.  I am not sure of precise details here.


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