The interstate commission shall, by a majority of the members, within 12 months of the first interstate commission meeting, adopt bylaws to govern its conduct as may be necessary or appropriate to carry out the purposes of the compact, including, but not limited to:
I. Establishing the fiscal year of the interstate commission;
II. Establishing an executive committee and such other committees as may be necessary;
III. Providing reasonable standards and procedures for the establishment of committees, and governing any general or specific delegation of any authority or function of the interstate commission;
IV. Providing reasonable procedures for calling and conducting meetings of the interstate commission, and ensuring reasonable notice of each such meeting;