Town Bylaws: Chapter Ten- The Shuttleworth Fund

The fund devised to the Town by the will of Hannah Shuttleworth shall be kept separate and apart from all other public funds of the Town, and no part of the principal shall ever be expended for any purposes, but the amount received under said will shall remain as a permanent fund, and shall be known as the "Shuttleworth Fund" as expressed in said will.

 

Investments of said fund shall be made in the name of the Town, with proper recitals identifying the same as part of the Shuttleworth Fund, but no investment of any of said fund shall be made except upon the approval in writing of the Commissioners of Trust Funds; which approval shall be filed with the securities, after which an order on the Treasurer may be drawn by the Commissioners of Trust Funds for the amount to be invested.

 

The Town Treasurer shall have the custody of said fund, and of all the securities in which the same may from time to time be invested. He shall collect and receive all the interest and income accruing therefrom and shall pay such interest and income only upon the written order of a majority of the Commissioners of Trust Funds to expend the same. He shall keep an accurate account of said fund and of amounts received and paid out therefrom in a book separate and apart from other accounts. He shall annually, at the close of the financial year, make a written statement of the condition of said fund, and state in detail the manner and securities in which the fund is invested together with the amounts of interest and income which has been received therefrom during the year, and this statement shall be annually printed in the Town Report.

 

 

Mortgages in which said fund may be invested, on payment thereof, shall be discharged by the Town Treasurer in the name of the Town; all transfers of mortgages, bonds, or other securities in which said fund may be invested, and all conveyances of real estate held under foreclosure of such mortgages, shall be made by the Town Treasurer in the name of the Town, and countersigned by a majority of the Commissioners of Trust Funds.