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Bill H.4842
SECTION 1: Chapter 192 of the Acts of 2024 shall be amended by: a. replacing Section 1 thereof with the following: "There is hereby established an independent, nonprofit housing corporation to be known as the Lexington Housing Assistance Board, Inc. or "LexHAB" which shall be organized and operated exclusively for charitable purposes described in section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended." b. replacing Section 11 thereof with the following: "In the event that the board shall be dissolved in accordance with law at any time, all property and interests therein, assets, and rights of said board existing at such time shall be transferred to the town of Lexington, or to a qualified non-profit housing development corporation described in section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, and designated by the town of Lexington, which property and assets shall be used exclusively for charitable purposes described in section 501(c)(3) of said Internal Revenue Code; and title to all such property and all such rights shall vest in the town of Lexington automatically without the need for further action or instrument, and the town of Lexington shall, to the maximum extent permitted by law, and acting by and through its Select Board, assume, hold and exercise the powers and duties of said board set forth herein with respect to such property and rights so transferred to said town."
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