35-19-301. Articles of incorporation.
35-19-301. Articles of incorporation. (1) The articles of incorporation of a buying cooperative must state in the caption that the articles of incorporation are executed pursuant to this chapter, must be signed by each of the incorporators, and must state:
(a) the name of the cooperative;
(b) the address of its principal office;
(c) the names and addresses of the incorporators;
(d) the names and addresses of the persons who constitute its first board of trustees; and
(e) any provisions not inconsistent with this chapter considered necessary or advisable for the conduct of its business and affairs.
(2) In addition to provisions required in subsection (1), the articles of incorporation may also contain:
(a) provisions, not inconsistent with law, eliminating or limiting liability as provided in this chapter;
(b) provisions for classifications of members in a buying cooperative; and
(c) provisions for issuance of nonvoting stock.
(3) A buying cooperative's articles of incorporation must be submitted to the secretary of state for filing, as provided in 35-19-315.
(4) It is not necessary to include in the articles of incorporation of a buying cooperative the purpose for which it is organized or any of the corporate powers vested in a buying cooperative under this chapter.
History: En. Sec. 10, Ch. 575, L. 1999.