Charter
of
Board of Commissioners of Trust Fund

At the Special Town Meeting on October 17, 2006, the Town voted to update the Town of Upton's General Bylaws to include the following:

Chapter 18

Board of Commissioner of Trust Funds

Creation:         

At the STM of April 12, 2005, the Town voted to establish a three member elected Board of Commissioners of Trust Funds in accordance with M.G.L. Chapter 41, § 45, and § 47.

Composition Term of Office: 

At the time of creating said Board there shall be elected one member for one year, one member for two years, and one member for three years; and there shall be elected annually thereafter one member for three years.  Any vacancy occurring other than by expiration of term shall be filled by appointment by the majority vote of the Board of Selectmen and the reminder of the members of the Board of Commissioners until the next annual election, at which time such office shall be filled, by election, for the reminder of the unexpired term.

Responsibilities & Duties:         

The said Board of Commissioners shall, so far as consistent with the terms of the trusts, manage and control the same, and distribute the income in accordance with the terms of the respective trusts.  The Board shall keep a record of its doings, and at the close of each financial year shall make a report to the Town, showing the total amount of funds, and their investments, receipts and disbursements on account of the same, setting forth in detail the source of the receipts and the purposes of the expenditure.