Transfer Economic Stabilization Trust

SECTION 6.   (A) Section 8 of chapter 23D of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- There shall be in the executive office of housing and economic development, but not subject to its jurisdiction, an economic stabilization trust which shall be administered by the secretary of housing and economic development.

(B) Section 9 of said chapter 23D, as so appearing, is hereby amended by striking out, in lines 2 to 4, the words "director of economic development and director of labor and workforce development" and inserting in place thereof the following words:- secretary of housing and economic development or his designee, the secretary of labor and workforce development or her designee.

(C) Said chapter 23D is hereby amended by striking out section 10, as so appearing, and inserting in place thereof the following section:-

Section 10. The offices of the trust shall be located within the executive office of housing and economic development. The secretary of housing and economic development, in consultation with the trustees, shall appoint an executive director of the trust. The executive director shall serve as the chief executive, administrative and operational officer of the trust, shall attend meetings of the trust, and shall direct the resources and staff of the program to achieve the purposes of sections 8 to 16, inclusive.

(D) Notwithstanding any general or special law to the contrary, this section shall facilitate the orderly transfer of the employees, functions, proceedings, rules and regulations, property, and legal obligations of the economic stabilization trust from the Commonwealth Corporation to the executive office of housing and economic development. The economic stabilization trust, which under section 64 of chapter 365 of the acts of 1996, as amended by sections 6, 7, and 9 of chapter 352 of the acts of 2004, was transferred to the Commonwealth Corporation, is hereby transferred to the executive office of housing and economic development. The trust shall continue as a quasi-public instrumentality of the commonwealth, with all the legal powers, authority, responsibilities, duties, rights, and obligations vested in the trust by sections 8 to 16, inclusive, of chapter 23D of the General Laws.
 
 

Summary:
This section transfers the Economic Stabilization Trust from under the Executive Office of Labor and Workforce Development to the Executive Office of Housing and Economic Development.