7) Subject to this Act and the regulations, the board of directors may make bylaws that it considers necessary or advisable, including bylaws to do the following:
(a) determine its own procedure;
(b) provide for the control and conduct of its meetings;
(c) provide for the election of officers of the board of directors, including the chair and the member to be the acting chair in the absence of the chair, and provide for the powers and duties of the officers of the board of directors;
(d) establish committees and specify the powers and duties of those committees;
(e) delegate administrative or management duties to persons appointed or retained under section 5;
(f) provide for the preparation and custody of minutes of meetings of the board of directors, and of committees established under the bylaws.
(8) The following may be done only on authority of a bylaw:
(a) the acquisition or disposal, by the corporation, of real or personal property;
(b) the exercise of the corporation's borrowing powers, including any prohibitions or restrictions on those powers.
(9) A bylaw made under subsection (7) or (8) has no effect until it is approved by order of the minister.
(10) Subject to subsections (11) to (14), a meeting of the board of directors must be open to the public.
(11) A part of a meeting of the board of directors may be closed to the public if the subject matter being considered relates to a matter or circumstance specified by order of the minister for the purposes of this subsection.
(12) A part of a meeting of the board of directors must be closed to the public if the subject matter being considered relates to information that must be withheld from disclosure under another enactment.