SECTION 1: Chapter 5 of the Acts of 1765 is hereby amended by striking out Section 2 in its entirety and inserting in place thereof the following:

The FEOFEES of the Ipswich Grammar school shall consist of seven indivduals appointed for three year terms (with the initial terms shortened as appropriate so as to provide staggered term appointments) in the following manner: two appointed by the Ipswich School Committee, two appointed by the Ipswich Board of Selectmen, two appointed by the Ipswich Finance Committee and one appointed by the Ipswich 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 FEOFEE while serving as a member of the School Committee, Board of Selectmen or the Town Finance Committee or as Town Manager or Superintendent of School. 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 to 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.