Section 6202. Constitution and by-laws

(a) The exchange shall function
  under its constitution and by-laws which it may amend  pursuant  to  the
  terms thereof.
    (b)  Notwithstanding the authority granted to the exchange pursuant to
  the provisions of the constitution and by-laws to amend, replace or  add
  provisions,  the constitution and by-laws shall at all times provide for
  but not be limited to:
    (1) the election of no less than six nor more than thirteen  governors
  at  least one-third of whom shall not be members of the exchange and who
  shall be public representatives;
    (2) the location of the principal offices  of  the  exchange  and  its
  members  to  be  within this state for the purpose of the transaction of
  the types of  business  described  in  subsection  (b)  of  section  six
  thousand two hundred one of this article;
    (3) the submission by members and all applicants for membership on the
  exchange of such financial information required by the superintendent;
    (4) the establishment by the exchange of a security fund in a form and
  amount approved by the superintendent;
    (5) the voting power of members who are underwriting syndicates;
    (6)  the voting power and other rights granted under the provisions of
  the not-for-profit corporation law to participate  in  the  conduct  and
  management  of  the  affairs  of  the  exchange  by  brokers, agents and
  intermediaries transacting business on the exchange, each of whom  shall
  be considered "members" only under the provisions of such law; and
    (7)  the  rights and duties of exchange members, which may include but
  shall not be limited to the manner  and  form  of  conducting  business,
  financial  stability,  dues,  membership fees, mandatory arbitration and
  all other matters necessary  or  appropriate  to  conduct  any  business
  permitted by this article.
    (c) Any amendments to the constitution and by-laws shall be subject to
  the approval of the superintendent.
    (d)  At  least  two-thirds  of  the governors shall be citizens of the
  United States.
    (e) For the purposes of this section, a principal office shall be  one
  where   officers   and  qualified  personnel  who  are  engaged  in  the
  administration, underwriting, claims, policyholders' service, marketing,
  accounting, record-keeping and all supportive services shall be located.