1. The records of investment transactionsmade byor onbehalf of a public bodyare public records and are the property of the public body whether in the custody of the public body or in the custody of a fiduciary or other third party. 2. If such records of public investment transactions are in the custody of a fiduciary or other third party, the public body shall obtain from the fiduciary or other third party records requested pursuant to section 22.2. 3. If afiduciaryor other third partywith custody ofpublicinvestment transactions records failsto produce public records within a reasonable period of time as requested by the public body, the public body shall make no new investments with or through the fiduciary or other third party and shall not renew existing investments upon their maturity with or through the fiduciaryorother third party. The fiduciary or other third partyshall be liable for the penalties imposed under statute, common law, or contract due to the acts or omissions of the fiduciary or other third party.
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