(1) The articles of association shall be subscribed by three or more persons, and shall set forth:(a) The name of the association and the location of the principal place of business.
(b) The purpose for which the association is formed.
(c) The term for which the association is to exist.
(d) By what officers the business, or businesses, of the association is to be conducted, and the names of the officers who are to conduct the business, or businesses, until their successors shall have qualified. Officers shall be members of the association.
(e) The number, to be not less than three, of the association’s managing committee members. Managing committee members shall be members of the association.
(f) The fact that the members are not to be held personally liable for any of the claims against or the indebtedness and obligations of the association.
(2) The name of the proposed association shall be different from that of any other limited agricultural association in the state and shall include the words “Limited Agricultural Association,” or the letters “LAA,” to indicate that it is a limited agricultural association as distinguished from a natural person, firm, copartnership or corporation.
