Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. In addition to the powers and duties applicable to boards of library trustees under the General Laws, the board of library trustees of the town of Cohasset may establish, maintain and operate a nonprofit corporation to be called the Cohasset Library Trust, Inc. under chapter 180 of the General Laws for charitable and educational purposes within the meaning of section 501(c)(3) of the Internal Revenue Code to benefit and carry out the charitable, educational and other exempt purposes of the Paul Pratt Memorial Library, the public library of the town of Cohasset.
SECTION 2. All members of the board of directors of the Cohasset Library Trust, Inc. shall be appointed by majority vote of the members present and voting of the Cohasset board of library trustees for terms of up to 3 years, and the trustees may remove by majority vote any director with or without cause, but any removal for cause shall be with notice and opportunity to be heard by the board of trustees. A library trustee shall be eligible to serve as a director or as an officer of Cohasset Library Trust, Inc., notwithstanding any general or special law to the contrary. A library trustee may participate in any matter as a trustee involving the trust, and any director or officer of the trust may participate in any matter involving the Cohasset board of library trustees, notwithstanding any general or special law to the contrary.
SECTION 3. No part of the assets or net earnings of Cohasset Library Trust, Inc. shall inure to the benefit of, or be distributable to, its directors, officers or other private persons except that the Cohasset Library Trust, Inc. may pay reasonable compensation for services rendered and make payments and distributions in furtherance of the purposes of this act.
SECTION 4. The treasurer of the town of Cohasset shall serve ex officio as treasurer of the Cohasset Library Trust, Inc., and the treasurer may participate in any matter as treasurer of the town or as treasurer of the trust, notwithstanding any general or special law to the contrary.
SECTION 5. Upon the establishment of the Cohasset Library Trust, Inc., the town treasurer shall pay over from the town treasury and otherwise turn over to the Trust all endowment, trust, fiduciary or other accrued funds held by the town for library purposes, but the town shall not appropriate any public funds for the trust. The board of directors of the trust shall in consultation with the treasurer decide upon and implement investment decisions as to the management of all funds paid over, including investment in accounts, funds and investments, notwithstanding any general or special law to the contrary with respect to public funds.
SECTION 6. The town of Cohasset, acting by and through town meeting, may enact by-laws to carry out the purposes of this act and to assign to the Cohasset Library Trust, Inc. additional duties within the scope of its charitable purposes, but the trust shall have no role in the governance of the library. The trust shall annually report to the town in the town's annual report as to its doings and assets.
SECTION 7. This act shall take effect upon its passage.
Approved November 27, 2006.