Section 87. The by-laws of such corporation shall be approved by the department, and shall prescribe the manner in which, and the officers and agents by whom, the purpose of its incorporation may be carried out, and also the manner in which its property may be invested. Such corporation shall annually, and as often as may be required by the department, render to it such statements of its membership and financial transactions and such other information relative thereto as the department may consider necessary for a proper exhibit of its business and standing. The department may verify such statement by an examination of the books and papers of the corporation; and whoever, having charge or custody of such books and papers, neglects to comply with this section shall be punished by a fine of not more than five hundred dollars.