This statute grants conservation commissions regulatory authority over the use of flood plains. The statute authorizes a city or town to establish a conservation commission for the promotion and development of the natural resources and for the protection of watershed resources of the city or town. Such commission may adopt rules and regulations governing the use of land and waters under its control to achieve its purpose. Its authorities include the study of land and water and subsequent creation of plans and maps consistent with the town master plan and any regional plan relating to the area.