§ 32-2-805 — Articles Of Incorporation

32-2-805 . Articles of incorporation. (1) A mutual association's articles of incorporation must contain the following:
(a) the information required by 35-14-202 (1);
(b) the name of the city or town and county within the state in which the principal office of the corporation is to be located;
(c) the names and business addresses of the initial incorporators;
(d) the number of the board of directors and the names of those agreed on for the first year; and
(e) the purpose for which the mutual association is formed, which may be set forth by the use of the general terms defined in this chapter, with reference to each line of business in which the proposed corporation desires to engage.
(2) A mutual association may not adopt or use the name of any other mutual association, and the corporation name must comply with 35-14-401 (2) through (4) and 32-1-402 .
(3) A mutual association may not be organized or incorporated until the articles of incorporation have been reviewed and approved by the department and until the mutual association has obtained a certificate from the department authorizing the proposed corporation to transact the business specified in the articles of incorporation within this state.
(4) A mutual association may not amend or restate its articles of incorporation until its articles of amendment or restatement have been reviewed and approved by the department. A mutual association shall make a true copy of its articles of incorporation and bylaws and all related amendments available to account holders at all times in each office of the mutual association and shall on request and payment of a reasonable copying fee deliver to any account holders a copy of the articles of incorporation and bylaws and related amendments.

Legislative History

En. Sec. 20, Ch. 431, L. 2021.