6-413. Contents of articles of incorporation

A. The articles of incorporation shall set forth:

1. The name of the association.

2. The location of the principal place of business.

3. The general nature of the business to be transacted.

4. The authorization, if any, to issue withdrawable shares, the aggregate amount of which may be unlimited.

5. The authorization, if any, to issue guaranty shares, the aggregate number thereof, and the par value per share, if any.

6. The date of the annual meeting of the members which shall not be more than one hundred fifty days after the close of the association's fiscal year.

7. The quorum required for action of members if a quorum other than specified in this chapter is desired.

8. The names, residences and post-office addresses of the incorporators, who shall be the individuals who made and filed with the superintendent the application for a permit to organize.

9. The time of commencement and termination of the association, which shall be governed by the general corporation laws of the state, with the right of renewal of existence.

10. By what officers the affairs of the association are to be conducted and the time of their election. The number of directors shall not be less than five nor more than twenty-five.

11. The highest amount of indebtedness or liability, direct or contingent, to which the association may at any time subject itself which shall not exceed one-half of the accounts and paid-in guaranty stock without prior approval of the superintendent.

12. That the private property of the shareholders is exempt from the debts and obligations of the association.

13. Any other provision not inconsistent with law, which the subscribers may desire for the internal regulation of the affairs of the association.

14. The articles need not set forth any of the powers which this chapter confers.

B. The articles of incorporation may:

1. Provide that the guaranty shares be divided into different kinds or classes.

2. Define the designations, preferences, rights and limitations of each kind or class.

3. Define the voting rights of the different types of members.

4. Restrict the power to vote to holders of guaranty shares or to one or more kinds or classes of guaranty shares.