With the approval and subject to the rules and regulations of the Department, local marketing authorities, hereby declared to be cooperative and non-profit-making, may be formed in the various communities of the State to engage in the marketing of agricultural products and all activities in connection therewith. When twenty or more persons in any community wish to form a local marketing authority they shall file a petition with the department, including, among other things, the following:

(1) The names, addresses and businesses of the petitioners;

(2) The name of the proposed local marketing authority, which shall in all cases include the words "Marketing Authority";

(3) The names and addresses of the officers of the proposed authority;

(4) A statement of the activities, which shall all be related to the growing and marketing of farm products and livestock, in which the local marketing authority proposes to engage;

(5) The area to be served by the proposed local marketing authority;

(6) A statement of existing and prospective marketing and other facilities to be operated by the proposed local marketing authority;

(7) The total amount of stock or certificates of ownership proposed to be issued and the face value of each share or the amount of the membership fee; and

(8) Such other information as the Department may require.