SECTION 1. Notwithstanding the provisions of Section 1 of Chapter 41 of the General Laws or any other general or special law to the contrary, there shall be a treasurer-collector of the town of Sherborn. The treasurer-collector shall be appointed by the select board for a term not to exceed three years. The select board may establish an employment contract with the treasurer-collector for salary, fringe benefits and other conditions of employment. The treasurer-collector shall have all the powers, perform the duties and be subject to the liabilities and penalties now or hereafter conferred and imposed by law on town treasurers and town collectors of taxes.

SECTION 2. Upon the effective date of this act, the offices of treasurer and collector shall be abolished and the term of the incumbents of such offices terminated; provided, however, that notwithstanding section 1, the incumbent appointed town treasurer shall be the first appointee to the new combined position of treasurer-collector and shall hold the office and perform the duties thereof until the expiration of the term for which the town treasurer was appointed, unless the incumbent sooner vacates that office. Thereafter, appointments to the position of treasurer-collector shall be made pursuant to section 1.

SECTION 3. No contracts or liabilities in force on the effective date of this act shall be affected by the abolition of the elected offices of town treasurer or town collector or the creation of the combined appointed office and the appointed treasurer-collector shall, in all respects, be the lawful successor of the offices so abolished or consolidated. All records, property and equipment of the offices of the elected town treasurer and elected town collector shall be assigned to the office of the appointed treasurer-coIlector.

SECTION 4. This act shall take effect upon its passage.