Articles of incorporation.
Section 8
SEC. 8. Articles of incorporation.—The articles of incorporation of each association formed under this Act must set forth: (a) The corporate name of the association, in which the word "Cooperative" shall be included. (b) The purposes for which it is formed and the agricultural product or products to be handled. (c) The place or places where its principal business will be transacted, and the place where its principal office will be established or located, which place or places must be within the Philippine Islands. (d) The term for which it is to exist, not exceeding fifty years. (e) The names and addresses of the incorporators. (f) The names and addresses of the incorporating directors who are to serve as such for the first term, or until their successors are duly elected and qualified. The number of directors thereof shall not be less than five. (g) If organized without capital stock, whether the property rights and interest of each member shall be equal or unequal, the general rule or rules applicable to all members by which the property rights and interest, respectively, of each member may and shall be determined and fixed; and provision 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. (h) If organized with capital stock, the amount of such stock, in Philippine currency, and the number of shares into which it is divided and the par value thereof. (i) If organized with capital stock, the amount of capital stock actually subscribed, the names and residences of persons subscribing, the amount subscribed by each, and the sum paid by each on his subscription. (j) The capital stock may be divided into preferred and common stock. If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted, the nature and definite extent of the preference and privileges granted to each, and the manner of redeeming or retiring such shares of preferred stock.