§ 7-7-3. Contents and filing of articles of association.
The persons shall sign and file in duplicate written articles of association, which
shall be signed by all of the incorporators and which shall be acknowledged by them
in the manner in which deeds of real estate are required to be acknowledged within
this state, and the residences of the incorporators shall be stated opposite their
names. In the articles of association, the incorporators shall recite that they desire
to become incorporated under the provisions of this chapter and shall state:
(1) The name of the association, which shall contain the word "cooperative� and which
shall not be the same as that of any other association or corporation formed or doing
business in this state or so similar in name as to be likely to be confused with it.
(2) The objects or purposes for which it is formed.
(3) The place where its principal office is to be located.
(4) The term for which it is to exist.
(5) Whether formed with or without capital stock, and if formed with capital stock, the
total amount of the authorized capital stock of the corporation, the number of shares
into which the stock is divided and the par value of each share, except in the case
of a corporation having stock or any class of stock without par value, in which case
the articles of association regarding the stock, in lieu of the above, shall state
the total number of shares authorized and that they are without par value; the restrictions,
if any, imposed on the transfer of stock; and, if there be two (2) or more classes
of stock, a description of the different classes and a statement of the terms on which
they are created.
(6) In addition to the above, the articles of incorporation of any association incorporated
under this chapter may contain any provision consistent with law with respect to management,
regulation, government, financing, indebtedness, membership, the establishment of
voting districts and the election of delegates for representative purposes, the issuance,
retirement, and transfer of its stock, if formed with capital stock, or any provisions
relative to the manner in which it operates or as to its members, officers, or directors
and any other provisions relating to its affairs.