§ 77-3. Powers; authority.

The Board shall have the powers set forth herein for the Trust which is on file in the office of the Town Clerk, and the following powers, all of which shall be carried out as fiduciaries through the exercise of due diligence and prudence and in furtherance of the purposes of MGL c. 44, § 55C:

A. 

To accept and receive real property, personal property or money, by gift, grant, contribution, devise or transfer from any person, firm, corporation or other public or private entity, including but not limited to money, grants of funds or other property tendered to the Trust in connection with any by-law or any general or special law or any other source, including money from said Chapter 44B, except that transfers of Town-owned real property to the Trust shall be approved by a two-thirds supermajority vote of a Town Meeting pursuant to MGL c 40, § 15A;

B. 

To purchase and retain real or personal property, including, without restriction, investments that yield a high rate of income or no income;

C. 

To sell, lease, exchange, transfer or purchase real property. The purchase and/or development of more than two dwellings must be approved jointly by the Board of Selectman and Planning Board;

D. 

To execute, acknowledge and deliver deeds, assignments, transfers, pledges, leases, covenants, contracts, promissory notes, releases and other instruments sealed or unsealed, necessary, proper or incident to any transaction in which the Board engages for the accomplishment of the purposes of the Trust;

E. 

To employ advisors and agents, such as accountants, appraisers and lawyers as the Board deems necessary;

F. 

To pay reasonable compensation and expenses to all advisors and agents and to apportion such compensation between income and principal as the Board deems advisable;

G. 

To apportion receipts and charges between incomes and principal as the Board deems advisable, to amortize premiums and establish sinking funds for such purpose, and to create reserves for depreciation depletion or otherwise;

H. 

To participate in any reorganization, recapitalization, merger or similar transactions; and to give proxies or powers of attorney with or without power of substitution to vote any securities or certificates of interest; and to consent to any contract, lease, mortgage, purchase or sale of property, by or between any corporation and any other corporation or person;

I. 

To deposit any security with any protective reorganization committee, and to delegate to such committee such powers and authority with relation thereto as the Board may deem proper and to pay, out of trust property, such portion of expenses and compensation of such committee as the Board may deem necessary and appropriate;

J. 

To carry property for accounting purposes other than acquisition date values;

K. 

To borrow money on such terms and conditions and from such sources as the Board deems advisable, to mortgage and pledge trust assets as collateral, except that (i) the Board shall not mortgage or pledge as security an amount greater than the total current assets of the Trust, unless such greater amount is approved by the Board of Selectmen and by the Planning Board by a majority vote and (ii) no money borrowed and no debt issued by the Board shall be an obligation of the Town of Wayland.

L. 

To make distributions or divisions of principal in kind;

M. 

To comprise, attribute, defend, enforce, release, settle or otherwise adjust claims in favor or against the trust, including claims for taxes, and to accept any property, either in total or partial satisfaction of any indebtedness or other obligation, and subject to the provisions of this act, to continue to hold the same for such period of time as the Board may deem appropriate;

N. 

To manage or improve existing real property; and to abandon any property which the Board determined not to be worth retaining;

O. 

To hold all or part of the Trust property uninvested for such purposes and for such time as the Board may deem appropriate; and

P. 

To extend the time for payment of any obligation to the Trust.