Authorities told a friend who was president of a bank (I believe it was Conroe) that he had to keep real estate records for 15 years, but he could destroy the others by shredding. (for some reason authorities disallowed incineration). Anyway, he started shredding records that were 15 years old or older. It took the shredding company using a huge industrial shredder working 8 hours a day Monday-Friday five (yes, five) months to shred all the records. This was a relatively small bank--think of all the records in Houston, say, that are over 15 years old--what a massive task; could they ever finish?
One other question—who were those authorities?
The authorities I know always increase paperwork. The Joint Commission of Health Care Paperwork always find some sort of record keeping that must be added every time they inspect a hospital. If a hospital is found in total compliance with all the rules and regulations, never mind. The joint commission will invent a regulation that must be added to the rules. After all, the Joint Commission members have to justify their jobs. If they find nothing out of compliance, they may be deemed useless. I already deem them useless, but I am no bureaucrat.
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