17-1607.   Articles of incorporation.(a) Each association formed under this act must prepare and file the articlesof incorporation, setting forth:

      (1)   The name of the association.

      (2)   The purposes for which it is formed.

      (3)   The term for which it is to exist, if the term is not to be perpetual.

      (4)   The number of directors, which shall be five or more, and the term ofoffice of such directors.

      (5)   If organized without capital stock, the application shall set forth thegeneral rule or rules applicable to all members by which the property rightsand interests, respectively, of each member may and shall be determined andfixed. The association shall have the power to admit new members who shall beentitled to share in the property of the association with the old members, inaccordance with such general rule or rules. This provision of the applicationfor charter shall not be altered, amended, or repealed except by the writtenconsent or the vote of 3/4 of the members.

      (6)   If organized with capital stock, the amount of such stock and the numberof shares into which it is divided and the par value thereof.

      (7)   The address and county of its registered office in the state and thename, address, other than a post office box, and county of its resident agentin the state.

      (b)   The capital stock may be divided into preferred and common stock. Ifso divided, the application for charter must contain a statement of thenumber of shares of stock to which preference is granted and the numberof shares of stock to which no preference is granted and the nature andextent of the preference and privileges granted to each. The applicationfor charter must be subscribed by the incorporators and shall be filed inaccordancewiththe provisions of the general corporation law of this state.

      History:   L. 1921, ch. 148, § 7;R.S. 1923, 17-1607;L. 1992, ch. 227, § 7;L. 2000, ch. 39, § 4; July 1.