SECTION 1. The existing Feoffees of Ipswich Grammar School, as established in Chapter 5 of the Acts of 1765, shall upon passage of this act be replaced with seven individuals appointed for terms of three years (with the initial terms shortened as appropriate so as to provide staggered term appointments) in the following manner: 2 appointed by the School Committee; 2 appointed by the Board of Selectmen; 2 appointed by the Finance Committee; and 1 appointed by Town Meeting.

 To be eligible to be appointed as a Feoffee or to continue to serve as a Feoffee, a person’s primary residence shall be in Ipswich. No person shall serve as a Feoffee for more than three consecutive terms. Feoffees shall serve without compensation, other than reimbursement for reasonable and necessary trust related expenses. No person may be a Feoffee while serving as a member of the School Committee, Board of Selectmen or the Town Finance Committee or as Town Manager or Superintendent of Schools. In the appointment of Feoffees, the appointing bodies shall appoint persons who acknowledge at the time of appointment the Feoffees’ fiduciary duties and obligations of trusteeship and the purpose of the Trust to benefit the Ipswich public schools. Persons will be appointed who also possess expertise and skills that will enable the Feoffees collectively to carry out their responsibilities.

 SECTION 2. This act shall take effect upon its passage.