Articles of incorporation: Contents. The articles of incorporation of the corporation must contain:
1. The name of the corporation, which must include the words “corporation for economic revitalization and diversification.”
2. The location of the principal office of the corporation, but the corporation may have other offices as the board of directors deems necessary.
3. The purposes for which the corporation is founded, which must be to:
(a) Assist, promote, encourage, develop and advance the economic welfare and diversification of the State in accordance with the State Plan for Economic Development;
(b) Facilitate and assist in the location of new business, commerce and industry in the State, and to rehabilitate and revitalize existing business, commerce and industry;
(c) Stimulate and assist in the expansion of business activity which will tend to promote business development and diversification that would result in the economic stability of the state;
(d) Provide new opportunities for employment;
(e) Cooperate and act in conjunction with public or private organizations and governmental agencies, the objectives of which are the support and advancement of business, commercial, industrial, agricultural and recreational activity that would advance the economic welfare of the State, promote economic diversification, and effectuate any state or local plan for economic development; and
(f) Furnish money and credit to approved and deserving applicants who would assist in achieving or carrying out any of the purposes described in this subsection.
4. The names and post office addresses of the members of the first board of directors, who, unless otherwise provided by the articles of incorporation or the bylaws, shall hold office for the first year of existence of the corporation or until their successors are elected and have qualified.
5. Any provision which the incorporators may choose to insert for the regulation of the business and for the conduct of the affairs of the corporation and any provision creating, dividing, limiting and regulating the powers of the corporation, the directors, stockholders or any class of the stockholders, including, but not limited to, a list of the officers, and provisions governing the issuance of stock certificates to replace lost or destroyed certificates, except that no provision may be included for cumulative voting for directors.
6. The amount of authorized stock and the number of shares into which it is divided and, if there is more than one class of stock, a description of the different classes.
7. The names and addresses of the preorganization subscribers of stock and the number of shares subscribed by each.
8. Any provision consistent with the laws of this state for the regulation of the corporation.
9. A recitation that the corporation is organized under the provisions of this chapter.
Last modified: February 26, 2006