The selectmen shall appoint, as soon as practicable, for a term of not exceeding three years, a town manager who shall be a person especially fitted by education, training and experience to perform the duties of the office. The town manager need not be a resident of the town or of this commonwealth, when appointed, and shall not, during the 12 months prior to the town manager’s appointment, have held any elective office in the town of Holden, but shall reside in Holden, Worcester or a town contiguous to Holden or Worcester during the town manager’s term of office. He may be appointed for successive terms of office. Before entering upon the duties of the office, the town manager shall be sworn to the faithful and impartial performance thereof by the chairman of the selectmen. He shall execute a bond in favor of the town for the faithful performance of his duties in such sum and with surety or sureties as may be fixed or approved by the selectmen.