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Article 19 (4) To execute, acknowledge and deliver deeds,
<br /> assignments, transfers, pledges, leases,
<br /> To see if the Town will vote to accept the provisions of covenants, contracts, promissory notes,
<br /> MGL Chapter 44, §55C establishing a trust to be releases and other instruments sealed or
<br /> known as the Town of Mashpee Affordable Housing unsealed, necessary, proper or incident to any
<br /> Trust Fund whose purpose shall be to provide for the transaction in which the board engages for the
<br /> creation and preservation of affordable housing in the accomplishment for the purposes of the trust
<br /> r�
<br /> Town of the benefit of low and moderate income
<br /> households,and in implementation thereof will vote to (5) To employ advisors and agents, such as
<br /> amend the General Bylaws of the Town by adding the accountants, appraisers and lawyers as the
<br /> following section: board deems necessary;
<br /> Affordable Housing Trust. (6) To pay reasonable compensation and expenses
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<br /> to all advisors and agents and to apportion
<br /> A. There shall be a board of trustees of the Town of such compensation between income and prin
<br /> Mashpee Affordable Housing Trust Fund estab- cipal as the board deems advisable;
<br /> lished by the vote under Article 19 of the Warrant
<br /> for the May 1, 2006 Annual Town Meeting, in (7) To apportion receipts and charges between
<br /> this section called the board, which shall include income and principal as the board deems
<br /> 9 (nine) trustees, including all of the members of advisable, to amortize premiums and establish
<br /> the Board of Selectmen, with the remaining sinking funds for such purpose, and to create
<br /> members to be appointed by the Board of reserves for depreciation depletion or other-
<br /> Selectmen. Trustees shall serve for a term not to wise;
<br /> exceed two years. A quorum of the board of
<br /> trustees shall be 5. (8) To participate in any reorganization,recapital-
<br /> ization, merger or similar transactions; and to
<br /> B. The powers of the board,all of which shall be car- give proxies or power of attorney with or with-
<br /> j' ried out in furtherance of the purposes set forth in out power of substitution to vote any securities
<br /> MGL Chapter 44, §55C, shall include the follow- or certificates of interest; and to consent to any
<br /> ing: contract, lease, mortgage, purchase or sale of
<br /> (1) To accept and receive property, whether real property, by or between any corporation and
<br /> or personal, by gift, grant, devise, or transfer any other corporation or person;
<br /> from any person, firm, corporation or other
<br /> public or other public or private entity,includ- (9) To deposit any security with any protective
<br /> ing without limitation grants of funds or other reorganization committee, and to delegate to
<br /> property tendered to the trust in connection such committee such powers and authority
<br /> with provisions of the city or town zoning with relation thereto as the board may deem
<br /> code or any other town ordinance; proper and to pay, out of trust property, such
<br /> portion of expenses and compensation of such
<br /> (2) To purchase and retain real or personal prop- committee as the board may deem necessary
<br /> erty, including without restriction investments and appropriate;
<br /> that yield a high rate of income or no income;
<br /> (10) To carry property for accounting purposes
<br /> (3) To sell, lease, exchange, transfer or convey other than acquisition date values;
<br /> any personal, mixed or real property at public
<br /> auction or by private contract for such consid- (11) To borrow money on such terms and condi
<br /> eration and on such terms as to credit or oth- tions and from such sources as the board
<br /> erwise, and to make such contracts and enter deems advisable, to mortgage and pledge trust
<br /> into such undertaking relative to trust property assets as collateral;
<br /> as the board deems advisable not withstanding
<br /> the length of any such lease or contract; (12) To make distributions or divisions of principal
<br /> in kind;
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