The cotrustees of a trust estate resulting hereunder are hereby authorized and empowered to manage such trust estate and all money and property belonging thereto; to rent or to lease any of the real property for the purpose of exploring for and extracting any minerals, including oil and gas, as well as for other purposes; and to sell or otherwise convert any of the property into cash; in such manner, for such price, and upon such terms and conditions as they deem to be for the best interest of the trust estate; and, for such purposes, to execute and deliver such written instruments as may be required.

Such cotrustees are also authorized and empowered to use any money and property of the trust estate for the construction of public improvements in the town or city, or in the county, designated in such gift, for the purpose of sites and rights-of-way for public improvements in such town or city, or in such county, and for repairs and additions to existing public improvements within such city or town, or within such county; and, where necessary to the use of funds from other sources for the construction of public improvements upon any real property in such county belonging to such trust estate, may, in their discretion, convey the title to such real property to any one of the governmental units having a beneficial interest in such trust estate, for such public improvement purposes, without further consideration.

Such cotrustees shall be the exclusive judges of the public improvements to be made or aided from such trust estate. They are also authorized to enter into any contracts, including construction contracts, which they deem to be proper in the performance of their duties hereunder, and to employ and fix the compensation for such help and assistance, professional or otherwise, as they deem necessary to carry out the policies determined by them hereunder, and to pay the same from the trust fund account provided for herein. Such cotrustees may be sued, and, in their discretion, may sue, in any matters relating to such trust estate or growing out of the administration thereof, and may employ attorneys in connection with any such matters, but shall not personally be civilly liable for damages or attorneys' fees except upon criminal or culpable misconduct. Any official act or action by such cotrustees shall require the joinder of all three trustees.

Laws 1953, p. 292, § 15.