[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.