There shall be a board of trustees of the Marblehead
Affordable Housing Trust Fund established by the vote under Article
34 of the Warrant for the 2008 Annual Town Meeting, in this section
called the board, which shall include nine trustees, including all
of the members of the Select Board, with the remaining members to
be appointed by the Select Board. Trustees shall serve for a term
not to exceed two years. A quorum of the board of trustees shall be
five members.
The powers of the board, all of which shall
be carried on in furtherance of the purposes set forth in General
Laws Chapter 44, Section 55C, shall include the following:
A. Subject to Town Meeting approval, to accept and receive
real property, by gift, grant, devise, or transfer from any person,
firm, corporation or other public or private entity;
B. To accept and receive tangible property or financial
gifts, by gift, grant, devise, or transfer from any person, firm,
corporation or other public or private entity, including without limitation
grants of funds or other property, not real property, tendered to
the trust in connection with provisions of the Town of Marblehead
Zoning Bylaw or any other Town by-law;
C. Subject to Town Meeting approval, to purchase and
retain real property;
D. To purchase and retain personal property, including
without restriction investments that yield a high rate of income or
no income;
E. Subject to Town Meeting approval, to sell, lease,
exchange, transfer or convey any real property at public auction or
by private contract for such consideration and on such terms as to
credit or otherwise, and to make such contracts and enter into such
undertaking relative to trust property as the board deems advisable
notwithstanding the length of any such lease or contract;
F. To sell, lease, exchange, transfer or convey any personal,
property at public auction or by private contract for such consideration
and on such terms as to credit or otherwise, and to make such contracts
and enter into such undertaking relative to trust property as the
board deems advisable notwithstanding the length of any such lease
or contract;
G. To execute, acknowledge and deliver deeds, assignments,
transfers, pledges, leases, covenants, contracts, promissory notes,
releases and other instruments sealed or unsealed, necessary, proper
or incident to any transaction in which the board engages for the
accomplishment of the purposes of the trust and if given proper authority
as noted above;
H. To employ advisors and agents, such as accountants,
appraisers and lawyers as the board deems necessary;
I. To pay reasonable compensation and expenses to all
advisors and agents and to apportion such compensation between income
and principal as the board deems advisable;
J. To apportion receipts and charges between incomes
and principal as the board deems advisable, to amortize premiums and
establish sinking funds for such purpose, and to create reserves for
depreciation depletion or otherwise;
K. To participate in any reorganization, recapitalization,
merger or similar transactions; and to give proxies or powers of attorney
with or without power of substitution to vote any securities or certificates
of interest; and to consent to any contract, lease, mortgage, purchase
or sale of property, by or between any corporation and any other corporation
or person;
L. To deposit any security with any protective reorganization
committee, and to delegate to such committee such powers and authority
with relation thereto as the board may deem proper and to pay, out
of trust property, such portion of expenses and compensation of such
committee as the board may deem necessary and appropriate;
M. To carry property for accounting purposes other than
acquisition date values;
N. To borrow money on such terms and conditions and from
such sources as the board deems advisable and to mortgage and pledge
trust assets as collateral;
O. To make distributions or divisions of principal in
kind;
P. To compromise, attribute, defend, enforce, release,
settle or otherwise adjust claims in favor or against the trust, including
claims for taxes, and to accept any property, either in total or partial
satisfaction of any indebtedness or other obligation, and subject
to the provisions of Massachusetts General Laws, Chapter 44, Section
55C, to continue to hold the same for such period of time as the board
may deem appropriate;
Q. To manage or improve real property;
R. Subject to approval of Town Meeting, to abandon any
property which the board determined not to be worth retaining;
S. To hold all or part of the trust property uninvested
for such purposes and for such time as the board may deem appropriate;
T. To extend the time for payment of any obligation to
the trust.
U. To adopt rules and regulations for the purpose of
carrying out its responsibilities and powers and in furtherance of
the provisions hereof .
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And to do all of the foregoing without funding
from the Town of Marblehead but by receipts generated and/or earned,
received, bequeathed, gifted or devised in accordance herewith.
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