[Adopted 10-17-1994 STM,
approved by Attorney General 12-6-1994; amended 4-2-2007 TM, approved
by Attorney General 5-14-2007; 11-14-2011 TM, approved by Attorney General 11-29-2011 (Ch. X, § 1, of
the 1973 Bylaws)]
There shall be a Board of Trustees of the Ipswich Affordable
Housing Trust Fund established by the vote under Article 26 of the
Warrant for the 2007 Annual Town Meeting, in this section called "the
board", which shall include five trustees. The trustees shall be appointed
by the Select Board, after consultation with the Ipswich Housing Partnership.
The board shall consist of one member of the Select Board, at least
two members of the Ipswich Housing Partnership, if in existence at
the time of appointment, the Town Manager or his/her designee, and
one other members appointed by the Select Board. Trustees shall serve
for a term of two years to be appointed for staggered terms.
The powers of the board, all of which shall be carried on in
furtherance of the purposes set forth in MGL c. 44, § 55C,
shall include the following:
A.
To accept and receive property, whether real or personal, 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 tendered to the trust in connection with provisions
of any zoning ordinance or bylaw or any other ordinance or bylaw;
B.
To purchase and retain real or personal property, including, without
restriction, investments that yield a high rate of income or no income;
C.
To sell, lease, exchange, transfer or convey any personal, mixed,
or 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;
D.
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;
E.
To employ advisors and agents, such as accountants, planners, appraisers
and lawyers as the board deems necessary;
F.
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;
G.
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;
H.
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;
I.
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;
J.
To carry property for accounting purposes other than acquisition
date values;
K.
To borrow money on such terms and conditions and from such sources
as the board deems advisable, to mortgage and pledge trust assets
as collateral;
L.
To make distributions or divisions of principal in kind;
M.
To comprise, 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 this act, to continue to hold the same for such period of time
as the board may deem appropriate;
N.
To manage or improve real property; and to abandon any property which
the board determined not to be worth retaining;
O.
To hold all or part of the trust property uninvested for such purposes
and for such time as the board may deem appropriate; and
P.
To extend the time for payment of any obligation to the trust.
