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 Feoffees of the Grammar School in the Town of Ipswich shall consist of seven individuals. The trust shall be administered by a body of Feoffees as follows: (i) two Feoffees appointed by the Ipswich School Committee; (ii) two Feoffees appointed by the Ipswich Board of Selectmen; (iii) two Feoffees appointed by the Ipswich Town Finance Committee; and (iv) one Feoffee appointed by the Life Feoffees in accordance with the Essex Probate and Family Court Trust Administration Order.
The term of office for each Feoffee shall be three years, except that to implement staggered terms, the first initial term served shall be two years for one Feoffee appointed by the School Committee, one Feoffee appointed by the Board of Selectmen, and one Feoffee appointed by the Finance Committee. A Feoffee shall hold office until his or her successor is duly appointed, or until he or she sooner resigns, is removed, becomes disqualified, or dies.
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. Persons shall be appointed who possess expertise and skills that will enable the Feoffees collectively to carry out their responsibilities. No person may be appointed as a Feoffee or continue to serve as a Feoffee who has been convicted of a felony or a crime involving dishonesty, false statement, theft, fraud, or moral turpitude.
Feoffees shall serve without compensation, but reasonable and necessary trust-related expenses may be paid, such trust-paid expenses to be reported in writing at least quarterly and in detail to the School Committee, the Board of Selectmen and the Finance Committee.
This act shall take effect upon the approval by the Essex division of the probate and family court department of the trial court of changes to the will of the late William Paine that are consistent with the provisions of this act.
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