The rules or regulations intended to be adopted shall first be promulgated by the board or commission. Upon approval of a majority of its members, the same shall be transmitted to the Village Clerk, who shall include the same on a Village Board agenda within 60 days after receipt. The Village Board shall, in its regular public session, approve, disapprove, modify or alter such or any portion of the proposed regulation, and when adopted by the Village Board, the same shall constitute a regulation of the promulgating board.