81-17-15 - Articles of association.
§ 81-17-15. Articles of association.
Each association formed under this chapter must prepare and file articles of association, setting forth:
(a) The name of the association;
(b) The purpose for which it is formed;
(c) The place where its principal business will be transacted;
(d) The term for which it is to exist, not exceeding fifty (50) years;
(e) The number of directors thereof, which must not be less than five (5), and may be any number in excess thereof, and the term of office of such directors. The number of directors may, from time to time, be increased at any annual meeting of the stockholders.
(f) If organized without capital, whether the property rights and interest of each member shall be equal or unequal; and, if unequal, the articles shall set forth the general rule or rules applicable to all members by which property rights and interests, respectively, of each member may and shall be determined and fixed; and provisions for the admission of new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules. This paragraph of the articles of association shall not be altered, amended, or repealed except by the written consent of the vote of three-fourths of the members.
The articles must be subscribed by the incorporators and acknowledged by one of them before an officer authorized by the law of this state to take and certify acknowledgments; and shall be filed and recorded in the office of the secretary of state.
Sources: Codes, 1930, § 6475; 1942, § 4917; Laws, 1924, ch. 271.