(a) Each association formed under this subchapter must prepare and file articles of incorporation 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, not exceeding fifty (50) years;
(5) (A) The number of directors, which must be not fewer than five (5) and may be any number in excess thereof; and
(B) The term of office of the directors;
(6) (A) (i) If organized without capital stock, whether the property rights and interest of each member shall be equal or unequal.
(ii) If unequal, the articles shall set forth the general rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed.
(B) The association shall have the power to admit new members who shall be entitled to share in the property of the association with the old members, in accordance with the general rules.
(C) This provision of the articles of incorporation shall not be altered, amended, or repealed except by the written consent of the vote of three-fourths (3/4) of the members; and
(7) (A) If organized with capital stock, the amount of the stock and the number of shares into which it is divided and the par value thereof.
(B) (i) The capital stock may be divided into preferred and common stock.
(ii) If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted, the number of shares of stock to which no preference is granted, and the nature and extent of the preference and privileges granted to each.
(b) (1) The articles must be subscribed by the incorporators and acknowledged by one (1) of them before an officer authorized by the law of this state to take and certify acknowledgment of deeds and conveyances.
(2) (A) They shall be filed in accordance with the provisions of the general corporation law of this state.
(B) When so filed, the articles of incorporation or certified copies shall be received in all the courts of this state and other places as prima facie evidence of the facts contained therein and of the due incorporation of the association.
(3) A certified copy of the articles of incorporation shall also be filed with the Dean of the College of Agriculture of the University of Arkansas at Fayetteville and the Secretary of State.
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