Affordable Housing Trust Board of Trustees - AHTBT - Charge (Bylaw)

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Town of Lexington Motion 2022-3 Special Town Meeting C. Trustees shall serve for a term of two (2)years, except that one less than a majority of the initial Trustee appointments shall be for a term of one (1)year. Trustees may be reappointed on terms to be determined by the Trust. D. Only persons who are residents of Lexington shall be appointed as a Trustee. Any Trustee who ceases to be a resident of Lexington shall cease to be a Trustee hereunder within three months thereafter and shall promptly provide a written notification of change in residence to the Board and to the Town Clerk; provided, however that if a person fails to give such notice, their participation or vote on a matter shall not void the Board's decisions with respect to that matter. E. A Trustee may be removed by the Select Board for cause. Any Trustee may also resign by written instrument signed and acknowledged by such Trustee and duly filed with the Town Clerk. Vacancies shall be filled by the Select Board for the remainder of an unexpired term. F. If any Trustee is absent from five (5) consecutive, regularly-scheduled meetings of the Trust or all meetings over any six (6) month period, except in the case of illness, such Trustee's position shall be deemed vacant and shall be filled with a new appointment as set forth above. G. The Trustees shall elect officers annually consisting of a Chair, Vice Chair and Clerk. The Trustees may establish subcommittees or ad hoc related committees to carry out the purpose of the Trust. H. A majority of Trustees then serving may exercise any or all of the powers of the Trustees hereunder and may execute on behalf of the Trustees any and all instruments with the same effect as though executed by all the Trustees. No Trustee shall be required to give bond. No license of court shall be required to confirm the validity of any transaction entered into by the Trustees with respect to the Trust Estate. L No Trustee shall be liable for the acts, negligence, or defaults of any other Trustee or any employee, agent, or representative of the Trustees selected with reasonable care, not for errors in judgment,nor mistakes of law or facts made in good faith,nor in reliance in good faith on advice of counsel, nor any other acts or omissions in good faith. J. Neither the Trustees nor any agent or officer of the Trust shall have the authority to bind the Town of Lexington. § 132-5. MEETINGS OF THE TRUST A. The Trust shall meet at least quarterly at such time and at such place as the Trustees shall determine. 2