(1) Persons applying for the organization of a credit union shall execute articles of incorporation stating: (a) The initial name and location of the credit union; (b) That the duration of the credit union is perpetual; (c) That the purpose of the credit union is to engage in the business of a credit union and any other lawful activities permitted to a credit union by applicable law; (d) The number of its directors, which must not be less than five or greater than fifteen, and the names of the persons who are to serve as the initial directors; (e) The names of the incorporators; (f) The extent, if any, to which personal liability of directors is limited; (g) The extent, if any, to which directors, supervisory committee members, officers, employees, and others will be indemnified by the credit union; and (h) Any other provision which is not inconsistent with this chapter. (2) Applicants shall submit the articles of incorporation in triplicate to the director.
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