162(1)A company may make by-laws, not inconsistent with this Part or the Insurance Act, or the regulations, for the management of its business, the regulation of the tariff of fees, the levying of assessments, and the forms, terms and conditions of its insurance policies and generally for all matters incident to its incorporation, or necessary for carrying out the purposes thereof; but no such by-law has any force or effect until it is approved by the Superintendent.

162(2)The Board of Directors may in like manner and with like powers, make by-laws for such purposes, and may add to, alter, annul and re-enact any by-law whether made by the Board of Directors or at a meeting of the company and any such by-law or any such addition thereto or any alteration, annulment or re-enactment thereof made by the Board of Directors has upon approval of the Superintendent the same force and effect as if made at a meeting of the company but only until the next annual meeting of the company and if not confirmed thereat ceases, but from that time only, and is of no effect.

162(1)A company may make by-laws, not inconsistent with this Part or the Insurance Act, or the regulations, for the management of its business, the regulation of the tariff of fees, the levying of assessments, and the forms, terms and conditions of its insurance policies and generally for all matters incident to its incorporation, or necessary for carrying out the purposes thereof; but no such by-law has any force or effect until it is approved by the Superintendent.

162(2)The Board of Directors may in like manner and with like powers, make by-laws for such purposes, and may add to, alter, annul and re-enact any by-law whether made by the Board of Directors or at a meeting of the company and any such by-law or any such addition thereto or any alteration, annulment or re-enactment thereof made by the Board of Directors has upon approval of the Superintendent the same force and effect as if made at a meeting of the company but only until the next annual meeting of the company and if not confirmed thereat ceases, but from that time only, and is of no effect.