Articles of incorporation

1. Each association formed under this chapter must prepare and file articles of incorporation, setting forth: (1) The name of the association; (2) The purposes for which it is formed; (3) The place where its principal business will be transacted; (4) The term for which it is to exist, which may be for any number of years or may be perpetual; (5) The number of directors thereof, which must be not less than five and may be any number in excess thereof; the term of office of such directors; and the names and addresses of those who are to serve as incorporating directors for the first term, and until the election and qualification of their successors; (6) Whether the property rights and interest of each member shall be equal or unequal; and if unequal, the general rule or rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed; provision for the admission of new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules; the qualifications for membership, and if more than one class of membership is provided for, the number of directors to be elected by each class of membership. The provision or paragraph of the articles of incorporation shall not be altered, amended, or repealed except by the written consent or vote of three-fourths of the members voting thereon. 2. The articles must be subscribed by the incorporators and acknowledged by one of them before an officer authorized by the law of this state to take and certify acknowledgments of deeds and conveyances; and shall be filed in accordance with the provisions of the general corporation law of this state; and when so filed the said articles of incorporation, or certified copies thereof, shall be received in all the courts of this state and other places as prima facie evidence of the facts contained therein and of the due and legal incorporation of such association.