The Prudential Committee shall be the administrative body of the Fire District and shall be responsible for the control and management of the affairs, property, and interests of the Fire District. The Prudential Committee may exercise all powers of the Fire District unless otherwise provided in 20 V.S.A. chapter 171 or this chapter. These powers shall include the execution of contracts, the authority to purchase insurance on behalf of the Fire District, the commencement of actions in the name of the Fire District, defending actions brought against the Fire District, and the settlement of claims on behalf of the Fire District. (Added 2003, No. M-5, § 2.)