SECTION 1. At such time as the town of Milford, pursuant to section 9 of chapter 77 of the acts of 1881, as amended by chapter 480 of the acts of 2014, shall acquire all of the corporate property and all of the rights and privileges of the Milford Water Company, the board of selectmen of the town may dissolve the Milford Water Company.

SECTION 2. Upon the transfer of all of the capital stock of the Milford Water Company to the town, the board of selectmen may vote the shares of the stock of the company at all stock holder meetings and also upon the dissolution of the Milford Water Company to transfer any remaining assets, franchises, corporate property, rights and privileges to the town to be managed thereafter by a board of water commissioners as authorized by applicable law.

SECTION 3. The land, water rights and other property acquired under chapter 77 of the acts of 1881, as amended, and all works, aqueducts, pipelines, buildings or other structures directly constructed thereunder shall, upon dissolution of the Milford Water Company,  be managed, improved and controlled by the board of water commissioners of the town in accordance with applicable law, in such manner as they deem in the best interest of the town. The town of Milford may furnish and sell water to other municipalities, which are hereby authorized to purchase water sold.

SECTION 4. The employees of the Milford Water Company, desiring to continue employment with the town of Milford on the date of transfer of all of the property and assets of the Milford Water Company to the town of Milford, may be transferred to the service of the water department of the town and shall not be subject to chapter 31 of the General Laws.

SECTION 5.  This act shall take effect upon its passage.