(a) In addition to any other matters relating to the authority that the sponsoring university may choose to insert and that are not inconsistent with state law, the articles of incorporation of an authority shall include the following provisions:
(1) The name of the authority, which shall include the word Authority and shall include words identifying the sponsoring university.
(2) The name of the sponsoring university and the date on which the governing body of the sponsoring university adopted a resolution authorizing the organization of the authority.
(3) The name and address of the registered agent of the authority.
(4) A statement that the authority is organized pursuant to the provisions of this chapter.
(5) A statement that the authority shall exercise all powers provided by law, unless the exercise by the authority of any of its powers hereunder is limited in any way, in which case a statement of such limitations on the powers of the authority shall be included.
(6) A statement that the duration of existence of the authority shall be perpetual, unless the sponsoring university authorizes a shorter duration.
(7) The number of directors, which shall be an odd number not less than three, and the duration of their respective terms of office, which shall not be in excess of six years.
(8) Provisions for appointing or removing directors of the authority, subject to the provisions of Section 16-17A-6; provided, however, that if no such provisions are specified in the articles of incorporation, all directors of an authority shall be appointed or elected by the sponsoring university and shall be subject to removal by the sponsoring university at any time, with or without cause.
(b) The articles of incorporation shall be executed as provided in the resolution authorizing incorporation of the authority.
(c) When the articles of incorporation are filed for record with the Secretary of State, there shall be attached to it all of the following:
(1) A certified copy of the resolution of the sponsoring university authorizing the incorporation of the authority.
(2) A certificate of the Secretary of State confirming that the name proposed for the authority is not identical to that of any other corporation organized under state law or so nearly similar thereto as to lead to confusion and uncertainty.
(d) Upon the filing for record of the articles of incorporation and the documents required by subsection (c) with the Secretary of State, the authority shall come into existence and shall constitute a public corporation under the name set forth in its articles of incorporation. The Secretary of State shall issue a certificate of incorporation to the authority and shall record the articles of incorporation in an appropriate book in his or her office.
Last modified: May 3, 2021