(a) Each association formed under this chapter must prepare and file articles of incorporation setting forth:
(1) The name of the association;
(2) The purpose 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; and
(5)
(A) The number of directors of the association, which must be not less than five (5) and may be any number in excess of five (5);
(B) The term of office of such directors; and
(C) The names and addresses of those who are to serve as incorporating directors for the first term, and/or until the election and qualification of their successors.
(b) The articles must be subscribed by the incorporators and acknowledged before an officer authorized by the law of this state to take and certify acknowledgments of deeds and conveyances, and shall be filed in accordance with the general incorporation laws of this state.
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