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Each association formed under this Part shall prepare and file articles of association, setting forth:

(1)  The name of the association and the place where its principal business will be transacted, which shall be its domicile.

(2)  The purpose for which it is formed.

(3)  The term for which it is to exist, not exceeding ninety-nine years.

(4)  The number of directors which shall not be less than five and may be any number in excess thereof, and the term of office of the directors.

(5)  If organized without capital stock, whether the property rights and interest of members shall be equal or unequal, the articles shall set forth the general rules applicable to all members by which property rights and interests, respectively, of each member shall be determined and fixed; and 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 the general rules.

(6)  If organized with capital stock, the amount of such stock and the number of shares into which it is divided and the par value thereof. The capital stock may be divided into preferred and common stock. If so divided the articles of association must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted and the nature and definite extent of the preference and privileges granted to each.

The articles shall 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 acknowledgements; and shall be filed and recorded in the office of the Secretary of State.