The makeup of the Board is determined by NH RSA 31:22. All trusts shall be administered by a board of 3 trustees. One trustee shall be elected by a ballot each annual town meeting for a term of 3 years. Vacancies shall be filled by the selectmen for the remainder of the term. The Board’s charge is orchestrated by NH RSA 31:25. The trustees shall have the custody of all trust funds held by their town.
The funds shall be invested only in deposits in any federally or state-chartered bank or association authorized to engage in a banking business in this state, or in deposits in any credit union in this state, or in bonds, notes or other obligations of the United States government, or in state, county, town, city, school district, water and sewer district bonds and the notes of towns or cities in this state to engage in a banking business; and in participation units in the public deposit investment pool established pursuant to RSA 383:22. The authority to administer town trust funds is vested solely in the trustees and income there from cannot be turned over to the selectmen for purpose contrary to the judgment of the trustees.
|Mary Lou Stymest|