[Amended BOS 11-13-2002]
All contributions by the Town and the participants
shall be committed in trust to a trustee appointed by the Board and
pursuant to a trust agreement approved by the Board. The trustee shall
have such power, rights and duties as may be specified in the trust
agreement. The Board may from time to time appoint and remove, pursuant
to an agreement approved by the Board, one or more investment managers
who shall have such authority to direct investments to be made by
the trustee, with respect to all or part of the assets of the trust
fund, as may be specified in the agreement appointing the investment
manager. The Board shall promptly notify the trustee of such appointment
and of the terms, conditions, and any limitations of the investment
manager's power to direct investments.