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a president and a clerk, adopt a corporate seal and choose a | | treasurer and, when necessary, all other officers and agents, | | including a general manager, who, with the treasurer, shall | | serve at the trustees' pleasure and whose compensation is fixed | | by the trustees.__The trustees are entitled to compensation for | | their services as determined by the trustees.__Whenever a | | vacancy occurs in the office of the president, clerk, general | | manager or treasurer, that office must be filled by the board of | | trustees.__If a vacancy occurs in the board of trustees, the | | remaining trustees may appoint a temporary trustee to fill the | | vacancy until the next regular meeting of the district.__At that | | meeting, a trustee must be elected for the regular term and one | | to fill the term caused by the vacancy.__Whenever a trustee | | ceases to be a resident of the district, the trustee vacates the | | office of the trustee.__The trustees may also adopt bylaws as | | necessary for their own convenience and the proper management of | | the affairs of the district and may procure an office and incur | | expenses as necessary.__The treasurer and the general manager | | shall furnish bond in a form and with sureties the trustees | | approve. |
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| | | Sec. 4. P&SL 1951, c. 92, §10 is amended to read: |
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| | | *Sec. 10. Valid contracts of present companies to be assumed | by district. All valid contracts now existing between Lubec | | the district and any persons or corporations for supplying | water, light and power,town | shallsaid |
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| | | Sec. 5. P&SL 1951, c. 92, §14, sub-§I is amended to read: |
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| | | I. To pay the current expenses for operating and | maintaining the water, light and power |
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| | | Sec. 6. P&SL 1951, c. 92, §14, sub-§V is enacted to read: |
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| | | V.__Notwithstanding any other provisions in this section, | | the district is authorized to hold all money received from | | the sale of that portion of the district's property | | formerly used to provide electric service and to continue | | to use these funds or any part of these funds, as the | | trustees determine advisable, for the extension or | | improvement of water service or as a means of delaying | | increases in rates for water service.__The fund must be | | separately accounted for and its application must be | | overseen by the Public Utilities Commission.__The district | | may, with consent of the Public Utilities Commission, set | | aside some portion as a reserve with which to make the | | annual payment to the Town of Lubec required by Section 2 | | of this Charter. |
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