(a) Within 120 days after their appointment, the board of directors shall propose to the Secretary of the Department of Labor a set of bylaws for the operation and administration of the association. The bylaws shall not be effective until approved by the Secretary of the Department of Labor. If the board of directors fails to submit bylaws or if the Secretary of the Department of Labor does not approve the submitted bylaws, then the Secretary of the Department of Labor may promulgate, subject to the provisions of the Administrative Procedure Act, appropriate rules and regulations for the administration of the association.
(b) The bylaws may be amended from time to time by proposal of the board of directors approved by the Secretary of the Department of Labor.
(c) The bylaws shall contain:
(1) Provisions governing the administration of the association.
(2) Provisions governing managing the assets of the association and its financial record keeping.
(3) Procedures by which claims may be filed with the association.
(4) Provisions for the times and places for call of and conduct of meetings of the board of directors.
(5) Procedures for terminating the membership of a member who does not pay assessments when due.
(6) Procedures for recommendations by members of candidates for the board of directors for submission to the Secretary of the Department of Labor.
(7) Such additional provisions as are necessary or proper for carrying out the purposes of the association.
Last modified: May 3, 2021