The director of the division may destroy by burning, or otherwise dispose of such records, financial statements and such public documents which shall at the time of destruction or disposal have been on file in the office of the division for a period of five years or longer and which are determined by the director of the division to be obsolete or of no further public use or value, except such records and documents as may at the time be known by the director of the division to be the subject of litigation or dispute.