---
kind: "section"
citation: "46 C.F.R. § 380.24"
title: "46"
number: "380.24"
heading: "Schedule of retention periods and description of records."
url: "https://uscodex.org/cfr/46/380.24"
---

# §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;
  - (2) Canceled checks;
  - (3) Miscellaneous documents and work papers such as correspondence, operating and construction-differential subsidy rate data, subsidy adjustments pursuant to [46 CFR part 276](/cfr/46/part276.md) 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.

## Notes

### Amendments

[48 FR 45560, Oct. 6, 1983]

### Authority

Authority: Secs. 204, 207, 49 Stat. 1987, as amended, 1988, as amended; 46 U.S.C. 1114, 1117; sec. 801, 49 Stat. 2011, 46 U.S.C. 1211.

### Amendments

[48 FR 45560, Oct. 6, 1983]