§448.  Articles of association

A.  Each association formed under this Part shall prepare and file articles of association, setting forth:

(1)  The name of the association, and the location and post-office address of its registered office, and the name and post-office addresses of its registered agents.  

(2)  The purposes for which it is formed.  

(3)  The term for which it is to exist, not exceeding fifty years.  

(4)  The number of directors thereof, which must not be less than five but may be any number in excess thereof, and the term of office of such directors.  

(5)  If organized without capital stock, whether the property rights and interest of members shall be equal or unequal; the articles shall set forth the general rule or rules applicable to all members by which property rights and interests, respectively, of each member may and shall be determined and fixed; and provision to be made for the admission of new members, who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules.  

(6)  If organized with capital stock, the amount of such stock and the number of shares into which it is divided and the par value thereof.  The capital stock may be divided into preferred and common stock.  If so divided, the articles of association must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted, and the nature and definite extent of the preference and privileges granted.  

B.  The articles must be subscribed by the incorporators and acknowledged by one of them before an officer authorized by the law of this state to take and certify acknowledgments.  The articles shall be filed for record in the office of the secretary of state, and thereafter shall be filed and recorded in the clerk of court's office in the parish where the registered office of the association is located.  Corporate existence shall begin as soon as the articles shall have been filed and recorded as hereinabove provided.

Acts 1989, No. 103, §1.