§421C-11.5 - Articles.
§421C-11.5 Articles. (a) Articles shall be certified and executed by each of the incorporators, if natural persons, and by the president and secretary of the association, before any officer authorized to take acknowledgments, and shall contain the following:
(1) The name of the association which shall contain the term "cooperative" or some abbreviation thereof notwithstanding section 421-5;
(2) The mailing address and zip code of its principal office, which shall be in the State, the street address of the association's initial registered office, and the name of its initial registered agent at its initial registered office;
(3) The purposes and powers of the association;
(4) The duration of the association;
(5) The number, names, and titles of the initial officers and directors, or similar officers;
(6) The names and addresses of the incorporators, and if organized with stock, a statement of the number of shares subscribed by each, which shall not be less than one, and the class of shares for which each subscribed;
(7) If organized with stock, the total authorized number of shares and the par value of each share, if any; and if more than one class of stock is authorized, a description of the classes of shares, the number of shares in each class, the relative rights, preferences, and restrictions granted to or imposed upon the shares of each class, and the interest-dividends to which each class shall be entitled; and
(8) If organized without stock, whether the property rights and interest of each member are equal or unequal, and if unequal, the rule by which the rights and interest shall be determined.
(b) The articles may also contain any other provisions, consistent with law for regulating the association's business or the conduct of its affairs. [L 1984, c 217, §4; am L 1988, c 373, §23; am L 2003, c 124, §46]