(1) A domestic mutual insurer shall have by-laws for the government of its affairs. The insurer’s initial board of directors shall adopt original by-laws, subject to the approval of the insurer’s members at the next meeting of members.
(2)  The by-laws shall contain provisions, consistent with this code, relating to:
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(a)  The voting rights of members;
(b)  Election of directors, and the number, qualifications, terms of office and powers of directors;
(c)  Annual and special meetings of members;
(d)  The number, designation, election, terms and powers and duties of the respective corporate officers;
(e)  Deposit, custody, disbursement and accounting for corporate funds;
(f)  Fidelity bonds covering such officers and employees of the insurer handling its funds, to be issued by corporate surety and to be in such amount as may be reasonable; and
(g)  Such other matters as may be customary, necessary, or convenient for the management or regulation of corporate affairs.
(3)  The insurer shall promptly file with the director a copy, certified by the insurer’s secretary, of its by-laws and of every modification thereof or addition thereto. The director shall disapprove any by-law provision deemed by him, after a hearing held thereon, to be unlawful, unreasonable, inadequate, unfair or detrimental to the proper interests or protection of the insurer’s members or any class thereof. The insurer shall not, after receiving written notice of such disapproval and during the existence thereof, effectuate any by-law provision so disapproved.