1. (a) The Board of Directors of the Corporation shall adopt bylaws for the Corporation and rules and regulations to carry out the provisions of this title.

2. (b)

   1. (1) A bylaw, rule, or regulation becomes effective only after it is submitted to and approved by the Commissioner.
   2. (2) A bylaw, rule, or regulation is considered approved if the Commissioner does not notify the Corporation of disapproval and the reasons for it within 30 days after submission of the bylaw, rule, or regulation.

   3. (3) The Commissioner may disapprove a bylaw, rule, or regulation only if the Commissioner has reason to believe that:

      1. (i) It is contrary to the principles or purposes of this title; or
      2. (ii) It does not serve the best interests of the public.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2002, c. 540, § 1, eff. July 1, 2002.

Formerly Art. 23, §§ 451, 457.