(a) The incorporators of a cooperative shall sign, acknowledge, and file with the Department, articles of incorporation. The articles of incorporation shall include: (1) The name of the cooperative; (2) The name, address, and state of residence of each incorporator; (3) A statement of the purposes of the cooperative; (4) The municipal area of its principal office in the State; and (5) The name and address of its resident agent in the State. (b) (1) If the cooperative is organized with capital stock, the articles of incorporation shall state: (i) The number of shares of stock; (ii) The par value of each share of stock; and (iii) The aggregate par value of all shares of stock. (2) A cooperative may not issue stock without par value. (c) If the cooperative is organized without capital stock, the articles of incorporation shall state whether the property rights of its members are equal or unequal and, if unequal, the rule by which the property rights of members, including members admitted after the original organization, are to be determined.
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