Notwithstanding the provisions of section two of chapter forty-five of the General Laws, there is hereby established in said town a Parks and Recreation Commission which shall consist of seven members, each of whom shall be appointed by the Select Board for a term of one year. The initial members of said Commission shall be members of the Recreation Commission in existence immediately prior to the effective date of this act and they shall continue to serve for the remaining portion of their term. Said Commission shall be a policy-making board responsible for overseeing the management and maintenance of Town owned parks, fields and related facilities, and for providing year-round high quality indoor and outdoor recreation activities for children and adults with varying interests and physical abilities. It shall deliver diverse culturally, socially, mentally, and physically based programs. It shall establish suitable policies and guidelines relating to the programs it shall offer, and the use, maintenance, and improvement of the facilities under its oversight. The Commission shall have all the powers and duties granted by the various provisions of the General Laws relative to park commissions and recreation commissions, except insofar as the same may be consistent with the provisions of this Act.