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transaction. For the purposes of section I IA of chapter 30A of the General Laws, the <br /> corporation shall be deemed to be an authority established by the general court to serve a <br /> public purpose in the commonwealth. <br /> Of the members of the corporation fust appointed,2 shall be appointed to serve for 1 year <br /> from the first day of July in the current year,2 for 2 years from said date, and 3 for 3 <br /> years from said date;but the initial appointments may be made at any time after the <br /> effective date of this act. <br /> Upon the expiration of the term of office of any such member, or of any subsequent <br /> member, his successor shall be appointed in like manner for a term of 3 years. In the <br /> event of a vacancy in the office of a member,his successor shall be appointed in like <br /> manner to serve for the unexpired term. <br /> Unless reappointed,no member of the corporation shall hold office after the expiration of <br /> his term; and the appointment of a successor to any person whose term has expired shall <br /> be for the remainder of the tern which would have begun at such expiration if the <br /> successor had then been appointed. <br /> Any member may be removed by the select board for malfeasance, misfeasance, or <br /> willful neglect of duty, but only after reasonable notice and a public hearing,unless the <br /> same are in writing expressly waived. For purposes of chanter 268A of the General Laws, <br /> the members of the corporation shall be deemed to be special municipal employees. <br /> Before the issuance of any bonds under the provisions of this act, each member of the <br /> corporation shall execute a surety bond with a surety company authorized to transact . <br /> business in the commonwealth as surety,in the penal sum of$50,000 conditioned upon <br /> the faithful performance of the duties of his office, each such surety bond to be.approved <br /> by town counsel and filed in the office of the state secretary. The members of the <br /> corporation shall receive no'compensation for the performance of their duties hereunder, <br /> but each member shall be reimbursed for expenses actually incurred in the performance <br /> of his duties. Every such reimbursement shall be open to public inspection from and after <br /> the requisition therefor. <br /> .SECTION 4. The directors of the corporation shall adopt a corporate seal for the <br /> corporation, and designate the custodian thereof, may from time to time appoint and at <br /> pleasure remove a clerk, a treasurer or such other officers of the corporation as they may <br /> deem necessary, and may determine their duties and their compensation, which shall be <br /> paid by the corporation; shall cause at all times accurate accounts to be kept of all <br /> receipts and expenditures of the funds of the corporation; and shall make a report <br /> annually in December to the select board, MOBD.and to the director, containing an <br /> abstract of such accounts and detailed information of all receipts and expenditures, <br /> including prices for land purchased or taken and any buildings constructed thereon, <br /> contracts for construction of facilities and for the leasing thereof, and such other detailed <br /> information as may be deemed helpful. The office of treasurer and clerk may be the same <br /> person. The corporation shall cause an audit of its book and accounts to be made at least <br />