47-15-4. Articles of incorporation--Contents.

277 words·~1 min read·/sd/title-47/chapter-47-15/47-15-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The articles of incorporation shall set forth that they are executed pursuant to the provisions of this chapter and shall state:

(1)The name of the cooperative;

(2)The period of existence, unless perpetual;

(3)The purposes for which organized. It is sufficient to state that the cooperative may engage in any activity within the purposes for which cooperatives may be organized, and all such activities shall then be deemed within its purposes, subject to express limitations;

(4)Whether the cooperative is organized with or without capital stock;

(5)The designation of classes of members, if more than one;

(6)The number and par value of shares of each authorized class of stock; if more than one class is authorized, the designation, preferences, limitations, and relative rights of each class shall also be set forth;

(7)Which classes of stock are membership stock;

(8)As to each class of stock, the rate of dividend, or that the rate of dividend may be fixed by the board, or that no dividend will be paid;

(9)Any reservation of a right to acquire or recall any stock;

(10)The basis of distribution of assets in the event of liquidation;

(11)The municipality in this state in which the cooperative's principal office is to be located and the information required by § 59-11-6 ;

(12)The number of directors, or that the number of directors shall be as stated in the bylaws;

(13)The name and address of each incorporator; and

(14)The names and addresses of at least three incorporators who will act as the temporary board and will serve until the first annual meeting of members or stockholders.