SECTION 1. Chapter 273 of the acts of 1885 is hereby amended by striking out “not exceeding three hundred thousand dollars in value,” from the second sentence of section 2;

SECTION 2. Chapter 273 of the acts of 1885 is hereby amended by striking out section 4, as most recently amended by Chapter 261 of the acts of 1915, and section 5, and inserting in place thereof the following section:

Section 4. Subject to confirmation by the city council, the mayor of the city of Woburn, is authorized to appoint no more than nine members of the board of trustees of the Woburn Public Library Corporation, who must be Woburn residents, in such a manner that one third thereof shall serve for a term of one year, one third shall serve for a term of two years, and one third shall serve for a term of three years, and thereafter one third shall be appointed for a term of three years. Vacancies in the board of trustees shall be filled by the mayor subject to confirmation of the city council. The appointed members of the board of trustees, shall constitute the board of trustees of the Woburn Public Library Corporation with all the powers appurtenant to trustees of a free public library, except as otherwise herein provided. The board of trustees shall elect annually from among its members a president and a clerk. The mayor shall have sole power of appointment of the library director. The city treasurer shall act as treasurer for the corporation without providing additional bond.

SECTION 3. Chapter 273 of the acts of 1885 is hereby amended by striking out section 6, as most recently amended by Chapter 261 of the acts of 1915 and inserting in place thereof the following section:

Section 5. The trustees shall provide to the mayor and city council in the month of January, an annual report of their proceedings in the previous year, together with a statement of the condition of the library, its property, and a summary of the programs, projects, activities and events offered to the community. The trustees shall provide to the mayor and city council an annual audit of all trust funds held, including details of receipts and expenditures.

SECTION 4. The terms of the six current members of the board of trustees who were appointed as so-called “lifetime trustees” or “lifetime members” and whose appointments occurred more than three years ago, shall cease immediately upon the passage of this act.

SECTION 5. This act shall be effective upon its passage.