(1) The articles of association, in addition to such other provisions not in conflict with law as the organizers may desire, shall set forth provisions showing:

(a) The name of the proposed credit union (which shall include the words “Credit Union”) and the city, town or village in which the principal office is to be located, if in a city, town or village, or the designation of the place not in a city, town or village in which the principal office is to be located.

(b) The name and address of the subscribers to the articles and the number of shares subscribed by each.

(c) A statement that incorporation is desired under this particular law and the par value of the shares (which shall not exceed Ten Dollars ($10.00)).

(d) That the association and its members will comply with all the laws, rules and regulations applicable to credit unions.

(2) The articles of association may be amended by an affirmative vote of a majority of the board of directors at a duly held meeting, and the filing with the Secretary of State and the Commissioner of Banking and Consumer Finance of duplicate copies of such amendment acknowledged in the manner provided for the acknowledgment of the original articles, and the approval of such amendment in writing by the commissioner. Such amendment shall be recorded in the Office of the Secretary of State upon the payment of a recording fee of Ten Dollars ($10.00), and shall be recorded in the office of the clerk of the chancery court of the county in which the principal place of business is situated. The proposed amendment must be set forth in the call for the meeting.