There shall be a board of three Trustees of Trust Funds. The
City Council shall annually at the regular City Council meeting in
March, appoint one such Trustee to take the place of the Trustee whose
term then expires and to serve for the term of three and until his
successor is chosen and qualified.
The Trustees of Trust Funds shall give bond in such sum as the
City Council may from time to time direct.
The powers, duties and liabilities of the Trustees of Trust
Funds shall be as provided by the laws of the State of New Hampshire
relative to Trustees of Trust Funds in towns.
The Trustees of Trust Funds shall organize annually immediately
after the election of the member of their Board, by the election of
a Chairman and Secretary-Treasurer.
The Secretary-Treasurer shall receive such compensation or salary
for his services as the City Council shall determine.