282

The regulations of the Company shall provide for the internal affairs of the latter and the duties and responsibilities of its officials. The regulations shall be approved, and shall be subject to be amended by the Board. No regulations or amendments thereto shall be effective until they have been duly recorded in the official book of minutes of the Company, after having been approved through a resolution of the Board. No regulation shall be inconsistent with the provisions of §§ 271-291a of this title. History —May 11, 1942, No. 188, p. 934, added as § 12 May 14, 1952, No. 456, p. 950, § 12; renumbered as § 11 and amended on Dec. 29, 1997, No. 203, § 9, eff. Jan. 1, 1998.