The Commissioner of Property and Procurement shall establish, and from time to time amend, all rules and regulations authorized by this chapter and any others necessary to its operations. Such rules and regulations and amendments thereto shall be subject to final approval of the Governor. The rules and regulations promulgated under this section shall require each person who submits a bid in relation to any purchase in excess of $1,000 under this chapter to disclose the name and address of each individual having a beneficial interest of more than five (5%) per centum in the bidding enterprise and, if the bidder is a corporation, the names and addresses of all its officers and directors. The bidder shall notify the Commissioner of any changes in its ownership or officers at the time such changes occur.