A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, and any modification thereof, shall forthwith be filed with the Commissioner. The Commissioner shall disapprove any such bylaws, or modifications thereof, if he finds after a hearing thereon, that it is not in compliance with the laws of this territory, and he shall forthwith communicate such disapproval to the insurer. No such bylaws, or modification, so disapproved shall be effective during the existence of such disapproval.