The town manager may with the approval of the board of commissioners settle claims against the town for (1) personal injury or damages to property when the amount involved does not exceed the sum of one hundred dollars ($100.00) and does not exceed the actual loss sustained including loss of time, medical expenses, and any other expense actually incurred and (2) the taking of small portions of property which are needed for the rounding of corners at intersections of streets, when the amount involved in any such settlement does not exceed five hundred dollars ($500.00) and does not exceed the actual loss sustained. Settlement of a claim by the town manager pursuant to this section shall constitute a complete release of the town from any and all damages sustained by the person involved in such settlement in any manner arising out of the accident, occasion, or taking complained of. All such settlements, and all such releases, shall be approved in advance by the town attorney.