The articles of incorporation shall state: 1. Name. The name of the association; 2. Purposes. The purposes for which it is formed; 3. Location. The municipality and county where the principal office for the transaction of business of the corporation is to be located; 4. Directors. The number of directors thereof, which shall be not less than 3 and may be any number in excess thereof; the term of office of such directors; and the names and residences of those who are to serve as directors for the first year, or until election and qualification of their successors.
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