The composition, terms of office, vacancies, functions and duties of the Trustees of the Trust Funds shall be as provided by RSA 31, and as amended.
Trusts of the Town shall be administered by a board consisting of three Trustees. One shall be elected by ballot at each Annual Town Meeting for a term of three years.
Trustees shall organize by electing one of their members as Bookkeeper who shall keep records and books of the Trustees and shall require a voucher before making any disbursement of funds from said trusts.
The Trustees shall give bond in such amount and in such form as the Commissioner of Revenue Administration shall prescribe, and any Trustee who shall make any payment of income or principle from trust funds before the approval of his bond in writing by the Commissioner shall be personally liable to the Town for any loss resulting from such payment, to be recovered for the Town at the suit of any citizen. The expense of said Trustees and the expense of their bonds shall be charged as incidental Town charges.
Trust funds or the income thereof to be expended shall be paid to Trustees to carry out the objects designated by such trusts.
The Trustees shall keep a record of all trust in a record book, which shall be open to the inspection of all residents of the Town of Raymond.
The accounts of the Trustees shall be audited annually by the Auditor of the Town. The securities shall be exhibited to the Auditor, and he/she shall certify the facts found by his/her audit and the list of all securities held.
A. 
The reports of the Trustees and the Auditor shall be printed in the Annual Report of the Town.
B. 
A copy of the reports required of the Town Trustees and the Auditor thereof shall be filed annually with the Attorney General.
Vacancies in the Board of Trustees shall be filed by the Selectmen for the remainder of the term.
The Trustees of Trust Funds shall also perform all other duties and functions as required by the New Hampshire Revised Statutes Annotated and amendments thereto.