SECTION 1. Section 7 of said chapter 44B, as so appearing, is hereby amended by striking out the first paragraph and inserting in place thereof the following paragraph:-
Notwithstanding the provisions of section 53 of chapter 44 or any other general or special law to the contrary, a city or town that accepts sections 3 to 7, inclusive, shall establish a separate account to be known as the Community Preservation Fund of which the municipal treasurer shall be the custodian. In a town form of government, the authority to approve expenditures from the fund shall be limited to the legislative body and the municipal treasurer shall pay such expenses in accordance with chapter 41. In a city form of government, the authority to approve expenditures from the fund shall be limited to the legislative body with the concurrence of the mayor and the municipal treasurer shall pay such expenses in accordance with chapter 41.
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