[Adopted as Ch. 10 of the 1996 By-laws; amended 11-18-2013 STM by Art. 16]
The fund devised to the Town by the will of Hannah Shuttleworth
shall be kept separate and apart from all other public funds of the
Town, and no part of the principal shall ever be expended for any
purposes, but the amount received under said will shall remain as
a permanent fund, and shall be known as the "Shuttleworth Fund" as
expressed in said will.
Investments of said fund shall be made in the name of the Town,
with proper recitals identifying the same as part of the Shuttleworth
Fund, but no investment of any of said fund shall be made except upon
the approval in writing of the Commissioners of Trust Funds; which
approval shall be filed with the securities, after which an order
on the Treasurer-Collector may be drawn by the Commissioners of Trust
Funds for the amount to be invested.
The Treasurer-Collector shall have the custody of said fund,
and of all the securities in which the same may from time to time
be invested. He shall collect and receive all the interest and income
accruing therefrom and shall pay such interest and income only upon
the written order of a majority of the Shuttleworth Committee to expend
the same. He shall keep an accurate account of said fund and of amounts
received and paid out therefrom. He shall annually, at the close of
the financial year, make a written statement of the condition of said
fund, and state in detail the amounts of interest and income which
have been received and expended therefrom during the year, and this
statement shall be annually printed in the Town Report.
The Board of Selectmen shall act as Overseers of the Poor for
purposes of delegating the investment of the Shuttleworth Fund and
carrying out the other functions of the Overseers of the Poor with
respect to such fund as set forth in the Last Will and Testament of
Hannah Shuttleworth and, to that end, shall annually appoint the Shuttleworth
Committee, to be composed of three to five persons, who shall be suitable
persons, either men or women, as may be interested in giving both
aid and employment to the worthy poor. The Shuttleworth Committee
shall have the expenditure of the interest and income of the Fund
pursuant to the terms of the Last Will and Testament of Hannah Shuttleworth.
Mortgages in which said fund may be invested, on payment thereof,
shall be discharged by the Treasurer-Collector in the name of the
Town; all transfers of mortgages, bonds, or other securities in which
said fund may be invested, and all conveyances of real estate held
under foreclosure of such mortgages, shall be made by the Treasurer-Collector
in the name of the Town, and countersigned by a majority of the Commissioners
of Trust Funds.
