The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1888-12-13
NO. IAN ACT RELATING TO REAL
AND PERSONAL ESTATE HELD
IN TRUST BY TOWNS FOR THE
USE OE SCHOOLS AND FOR
nTIfUD

NO. IAN ACT RELATING TO REAL
AND PERSONAL ESTATE HELD
IN TRUST BY TOWNS FOR THE
USE OE SCHOOLS AND FOR
OTHER PURPOSES.
IT'S hereby enacted By the General
assembly Of the State Of Vermont:
SEC. 1. All real and personal estate, ex-
cept United States deposit money, held
by any town in trust for any purpose, or
any part thereof, shall be placed, for the
purpose of investment, managing or rent
ing under the charge and management Of
three trustees, unless the person giving any
part thereof directs the same to be man
aged in some other way, Such trustees
may be elected by such towns at any an
nual or special meeting. The trustee first
chosen shall hold Office for three years, the
next one chosen for two years and the last
one for one year next following their cleo
ton: and at the annual meeting, in every
year in which the term of Office of a trustee
expires, successor to the trustee whose
term of office is to so expire shall be chosen
for three years next following his election.
Vacancies in said board of trustees may be
filled by appointment made by the board of
selectmen. The person appointed to fill
such vacancy shall hold office until the ex-
piraton of the term for which the person in
whose office the vacancy occurred was
elected or appointed, or until such town
shall fill such vacancy. The trustees so
elected or appointed shall give such bonds for
the faithful performance of their duties,
which shall be approved by the selectmen
Of said town, ana IL any trustOv fois Or
neglects to give such bonds within ten days
after being requested by the selectmen his
office shall be vacant.
SEC. 9. The trustees elected or ap-
pointed, pursuant to section one of this act,
shall have the same power in respect to the
management of real and personal property
placed under their control that are given to
selectmen and cemetery commissioners by
sections six hundred and fifty-two, six hun
bred and fifty-three and three thousand two
hundred and four of the revised laws, and
such other power as may be necessary for
the purpose of safely preserving, managing,
investing and renting such trust, estate and
funds, and may in the name of the town
prosecute and defend actions for the re-
covery and protection of the estate so in
/ trusted 10 Jnelf care, anu Shall Db SuultCI W
all the duties and liabilities imposed upon
selectmen and cemetery commissioners by
said sections
SEC. 3. This act shall not be construed
so as to lessen the duties and liabilities now
imposed by law upon town treasurers, or to
lessen the duties or liabilities now imposed
by law upon selectmen and cemetery com
missioners in respect to such trust, estate
and funds, except so far as they may be re-
lieved by placing such trust property in the
hands of trustees as is provided in this act.
SEC. 4. The trustees shall make re-
port to their respective towns at each an
nual meeting, stating the amount of funds
in their hands, the manner and condition of
its investment and the disposal of the in
come thereof, and if any part of such funds
is school money said trustees shall make a
like report of the same to the state superin-
tendent of education.
SEC. 3. This act shall take effect the
first Tuesday of March, A. d. 1889.
Approved November ", 1888.