Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 3 of chapter 669 of the acts of 1983 is hereby amended by adding the following two sentences:- Any vacancy on the commission shall be filled until the next annual town election by majority vote of the remaining commissioners then in office. At the next annual town election a commissioner shall be elected for the balance of the unexpired term.
SECTION 2. Section 8 of said chapter 669, as amended by section 3 of chapter 666 of the acts of 1987, is hereby further amended by striking out clauses (c) and (d) and inserting in place thereof the following three clauses:- (c) revenues from fees imposed upon the transfer of real property interests as set forth in section ten occurring after the effective date of this act as set forth in section fifteen, together with payments of interest and penalties under section thirteen; (d) proceeds from disposal of real property or interests; and (e) funds received from any federal, state, county, region, district or municipal source. The commission is further authorized to accept state and federal funds to carry out the purposes of this act as if the commission were in fact a district, city, town, region, county, state, or state agency within the meaning of legislation authorizing any grant consistent with the purposes of this act.
SECTION 3. Section 12 of said chapter 669 is hereby amended by striking out paragraph (i), as amended by section 6 of said chapter 666, and inserting in place thereof the following paragraph:-
(i) Transfer made to a corporation or partnership at the time of its formation, pursuant to which transfer no gain or loss is recognized under the provisions of section three hundred and fifty-one or section seven hundred and twenty-one of the Internal Revenue Code of 1986, as amended; provided, however, that such transfer shall be exempt only in the event that (i) with respect to a corporation, the transferor retains a controlling interest in such corporation after such formation or (ii) with respect to a partnership, the transferor retains after such formation rights to capital interests in excess of fifty percent of the capital interests within such partnership or retains rights to profit interests within such partnership in excess of fifty percent of the total profit interests within such partnership.
SECTION 4. This act shall take effect upon its passage.