58-5-7. Articles of incorporation--Execution and acknowledgment--Contents. The incorporators shall execute and acknowledge articles of incorporation in triplicate. The articles of incorporation must state:

(1) The name of the corporation; if a mutual, the word "mutual" must be a part of the name. An alternative name or names may be specified for use in other jurisdictions;

(2) The purpose for which the corporation was formed;

(3) The duration of its existence, which may be perpetual;

(4) The kinds of insurance, as defined in this title, which the corporation is formed to transact;

(5) If a stock corporation, its authorized capital, the number of shares of common stock and the par value of each share, which shall be at least one dollar. Only one class of voting common stock shall be authorized;

(6) If a mutual corporation, the maximum contingent liability of its members, other than as to nonassessable policies, shall be stated in the articles of incorporation, but shall not be less than one nor more than six times the premium for the member's policy at the annual premium rate for a term of one year;

(7) The number of directors, which shall be not less than five nor more than twenty-one, the names and addresses of the members of the initial board of directors, who shall serve until the first meeting of stockholders or until their successors are elected and qualify;

(8) The post office address of its principal place of business in this state; and

(9) The name and residence address of each incorporator.Source: SL 1966, ch 111, ch 16, § 6 (3).