It shall also have the power to make rules, regulations and bylaws for its own government, which shall conform as nearly as possible with those governing the city council (board of commissioners) and same shall be subject to approval by such commission. Such bylaws shall include, among other items, provisions for:
(1)
Regular and special meetings, open to the public;
(2)
Records of its proceedings, to be open for inspection by the public;
(3)
Reporting to the city council and the public, from time to time and annually; and
(4)
For the holding of public hearings on its recommendations.