2012 AUGUST-MASHPEE EDIC Plan for Executive Park

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