(a) The articles of incorporation shall state:

(1) The name of the cooperative. The name shall include the words "Telephone Cooperative" or "Telecommunications Cooperative", and the abbreviation "Inc.";

(2) The purpose for which the cooperative is formed;

(3) The names and addresses of the incorporators who shall serve as directors and manage the affairs of the cooperative until its first annual meeting of members or until their successors are elected and qualified;

(4) The number of directors, not fewer than five (5), to be elected at the annual meeting of members;

(5) The address of its principal office and the name and address of its agent upon whom process may be served;

(6) The terms and conditions upon which persons shall be admitted to membership and retain membership in the cooperative;

(7) If a cooperative desires to issue nonvoting shares of stock:

(A) The total number of the shares of stock which may be issued and the par value of each share;

(B) The fixed or maximum rates of dividends on the par value of the shares of stock and whether dividends shall be cumulative;

(C) Whether the shares of stock may be issued to members only or to members and nonmembers; and

(D) The maximum number of the shares of stock which may be owned by any person and the terms and conditions upon which the shares of stock may be transferred, redeemed, or retired. No shares of stock shall be issued except for cash or for property at its fair value in an amount equal to the par value of the shares of stock; and

(8) Any provision not inconsistent with law, which the incorporators may choose to insert, for the regulation of the business and the conduct of the affairs of the cooperative.

(b) It shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this subchapter.