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



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



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



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



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



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