Section 5. The interstate commission shall, by a majority of the members present and voting, within 12 months after the first interstate commission meeting, adopt by-laws to govern its conduct as may be necessary or appropriate to carry out the purposes of the compact including, but not limited to:
(1) establishing the fiscal year of the interstate commission;
(2) establishing an executive committee and such other committees as may be necessary;
(3) providing for the establishment of committees governing any general or specific delegation of any authority or function of the interstate commission;
(4) providing reasonable procedures for calling and conducting meetings of the interstate commission and ensuring reasonable notice of each such meeting;
(5) establishing the titles and responsibilities of the officers of the interstate commission;
(6) providing a mechanism for concluding the operations of the interstate commission and the return of any surplus funds that may exist upon the termination of the compact after the payment or reserving of all of its debts and obligations;
(7) providing ''start-up'' rules for initial administration of the compact; and
(8) establishing standards and procedures for compliance and technical assistance in carrying out the compact.