4501.1 The board of directors of the corporation shall adopt a code of conduct that governs the conduct of the corporation's directors, officers, and employees.

4501.2 The code of conduct shall be submitted to the Commissioner for approval prior to its adoption by the board of directors. The Commissioner will advise the corporation, in writing, within twenty (20) days after receipt, whether the code of conduct is approved. If the Commissioner disapproves the code of conduct, he or she will specify, in writing, which elements of the code of conduct are inadequate. Any subsequent revisions to the code of conduct shall be submitted to the Commissioner for approval.

4501.3 The corporation's bylaws shall be amended to require the corporation's board of directors to adopt policies consistent with the provisions of the code of conduct and any compliance program rules adopted by the Commissioner.

4501.4 The corporation shall file with the Commissioner annually, on or before June 1, a copy of its bylaws, which shall require the corporation's board of directors to adopt policies consistent with the provisions of the code of conduct and the rules of this chapter.

Source: Notice of Final Rulemaking published at 51 DCR 9011, 9012 (September 17, 2004).