§431:4-310  Bylaws.  (a)  A domesticmutual insurer shall adopt bylaws for the conduct of its affairs.

(b)  The bylaws, or any modification of thebylaws, shall be filed with the commissioner.

(c)  The commissioner shall disapprove any suchbylaws, or as so modified, and the commissioner shall communicate suchdisapproval to the insurer, if the commissioner finds after a hearing thereon,that:

(1)  It is not in compliance with the laws of thisState, or

(2)  It unreasonably interferes with the rights of membersor exercise of such rights.

(d)  No bylaws or modification, so disapprovedshall be effective during the existence of such disapproval. [L 1987, c 347, ptof §2]