Page:United States Statutes at Large Volume 76.djvu/324

 276

PUBLIC LAW 87-569-AUG. 6, 1962

[76 STAT.

jointly and severally liable to the corporation for the amount of such loan until the repayment thereof. INCORPORATORS

SEC. 29. Three or more natural persons of the age of twenty-one years or more may act as incorporators of a corporation by signing, verifying, and delivering in duplicate to the Commissioners articles of incorporation for such corporation. ARTICLES o r

INCORPORATION

SEC. 30. (a) The articles of incorporation shall set forth— (1) the name of the corporation; (2) the period of duration, which may be perpetual; (3) the purpose or purposes for which the corporation is organ-: ized; (4) if the corporation is to have no members, a statement to that effect; (5) if the corporation is to have one or more classes of members, any provision which the incorporators elect to set forth in the articles of incorporation designating the class or classes of members, stating the qualifications and rights of the members of each class and conferring, limiting, or denying the right to vote; (6) if the directors or any of them are not to be elected or appointed by one or more classes of members, a statement of the manner in which such directors shall be elected or appointed; or that the manner of such election or appointment of such directors shall be provided in the bylaws; (7) any provisions, not inconsistent with law, which the incorporators elect to set forth in the articles of incorporation for the regulation of the internal affairs of the corporation, including any provision for distribution of assets on dissolution or final liquidation and any provision which under this Act is required or permitted to be set forth in the bylaws; (8) the address, including street and number, if any, of its initial registered office, and the name of its initial registered agent at such address; (9) the number of directors constituting the initial board of directors, and the names and addresses, including street and number, if any, of the persons who are to serve as the initial dir^ectors until the first annual meeting or until their successors be elected and qualify; (10). the name and address, including street and number, if any, of each incorporator. (b) I t shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this Act. (c) Unless the articles of incorporation provide that a change in the number of directors shall be made only by amendment to the articles of incorporation, a change in the number of directors made by amendment to the bylaws shall be controlling. Whenever a provision of the articles of incorporation is inconsistent with a bylaw, the provision of the articles of incorporation shall be controlling. FILING

or

ARTICLES OF

INCORPORATION

SEC. 31. (a) Duplicate originals of the articles of incorporation shall be delivered to the Commissioners. (b) If the Commissioners find that the articles of incorporation conform to law, they shall, when all fees and charges have been paid as in this Act prescribed—

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