This special act of the Massachusetts legislature was passed, after a resolution was passed by the voters of Nantucket, to create a public program called the Nantucket Land Bank to acquire and manage important open spaces and endangered landscapes for the use and enjoyment of the general public. Land Bank revenue is derived from a two percent fee levied against most real estate transfers on the island. This funding is used to acquire and manage land for open space, agriculture and recreational uses. The Land Bank is governed by a five member, publicly-elected Commission.