75.07 - Companies; how created.

§ 75.07 Companies; how created.    Notwithstanding  the provisions of any other law or requirement to the  contrary, companies shall be incorporated and organized pursuant to  the  not-for-profit corporation law and this article.    In  addition  to  those  matters  required  to  be  set  forth  in the  certificate of incorporation by the not-for-profit corporation law,  the  certificate shall state:    1.  That, among the purposes for which it is formed, the company is to  plan, construct, acquire,  alter,  reconstruct,  rehabilitate,  improve,  own,  maintain,  and  operate  one  or  more  projects  pursuant to this  article.    2. The number of directors, which shall be not  less  than  three  nor  more  than  fifteen.  Directors  shall  be elected by the members of the  company.  One additional director may be designated by the commissioner.  In the absence of fraud or bad  faith  the  director  appointed  by  the  commissioner  shall not be personally liable for the debts, obligations,  or liabilities of the company.    3.  That  the  real  property  of  the  company  shall  not  be  sold,  transferred,   encumbered,  or  assigned  except  as  permitted  by  the  provisions of this article.    4. That the company has been organized exclusively to serve  a  public  purpose  and  that it shall be and remain subject to the supervision and  control of the commissioner pursuant to the provisions of  this  article  and all applicable laws and regulations.    5.  That  all  income  and  earnings  of  the  company  shall  be used  exclusively for its corporate purposes.    6. That no part of the net income or net earnings of the company shall  inure to the benefit or profit  of  any  private  individual,  firm,  or  corporation.