resources / Statutes / Nonprofit Corporations / §10-2004
Title 10 – Corporations and Associations
Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies
Article 1 – Cooperative Marketing associations
- A. Articles of incorporation shall be filed 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.
- 5. The number of directors thereof, which shall not be less than five, and their term of office.
- 6. A statement indicating whether the association will be a for-profit association or a nonprofit association.
- 7. If the association will be a for-profit association and will have capital stock, a statement indicating the number of shares that the association is authorized to issue.
- B. The articles shall be subscribed and filed in accordance with the provisions of general corporation law.
- C. The articles of incorporation may be altered or amended at a regular meeting, or at a special meeting called for that purpose, by the affirmative vote of a majority of the active members of the association, and on at least thirty days’ notice in writing of the proposed alteration or amendment. Amendments to the articles when adopted shall be filed as required by law.