[HISTORY: Adopted by the Board of Aldermen (now City Council) of the City of Chicopee as Ch. 49 of the 1976 Code. Amendments noted where applicable.]
The trust fund bequeathed to the City of Chicopee by the last will and testament of Alice J. Page, late of said Chicopee, shall be called "Irving H. Page and Alice J. Page Trust Fund" and shall be kept by the City Treasurer invested in bonds or notes of the City of Chicopee or in securities in which funds of savings banks may by law be invested.
It shall be the duty of the City Treasurer to keep a separate account of said fund and the income therefrom. He shall pass to the credit of said account the interest of said bonds and notes as the same become due and shall disburse the same upon order of the Trustees of the Irving H. Page and Alice J. Page Trust Fund. The City Treasurer shall act as agent for said Trustees.
The Board of Trustees of said trust fund shall consist of three members appointed by the Mayor, subject to the confirmation of the City Council, who shall serve without compensation. The term of office of the members first appointed shall commence at the date of their appointment and shall be so arranged as to expire at the end of two, four and six years from the first Monday of June on the year of their appointment, the date of expiration to be specified in their respective commission, and thereafter a member shall be appointed for a term of six years from the first Monday of June of the year in which the previous term expires.
All Trustees shall hold office until their respective successors are appointed and qualified. They may be removed by the Mayor for cause, said removal to be approved by a two-thirds vote of the City Council .
The duties of the Trustees of said trust fund shall be to defray the expenses of deserving boys and girls, graduates of the Chicopee High School, in accordance with the provisions of said will, being Case No. 51872 and recorded in Hampden County Probate Court.
The Trustees shall elect a Chairman and Secretary on the first Monday of June in each year.