(a) The charter and articles of incorporation of an association that wants to form a farm mutual insurance company must state the names and post office addresses of at least 25 charter members of the company, all of whom are residents of one or more adjoining counties in this state and each of whom must:
(1) be a member of the association;
(2) own at least $5,000 of insurable property for which the member has applied in writing for insurance coverage from the company to be formed; and
(3) sign the charter and articles of incorporation.
(b) In addition to the requirements of Subsection (a), the charter must:
(1) be acknowledged before a notary public by at least five of the charter members described by Subsection (a);
(2) state:
(A) the name of the company, which must include the words “Farm Mutual” or “Farmers Mutual”;
(B) the location of the company’s principal office;
(C) the number, names, and post office addresses of each of the company’s first directors, of which there must be at least five; and
(D) the type of property the company will insure and the risk to be insured against; and
(3) include any other provision the incorporators want consistent with this chapter.