(a) The articles of incorporation shall state:
(1) The name of the corporation. The name shall include the name of the city, town, or county and the words “industrial development” or “economic development” and the word “corporation”, “incorporated”, “inc.”, or “company”. The name shall be such as to distinguish it from any other corporation organized and existing under the laws of this state;
(2) The purpose for which the corporation is formed;
(3) The names and addresses of the incorporators who shall serve as directors and manage the affairs of the corporation until its first annual meeting of members or until their successors are elected and qualified;
(4) The number of directors, not fewer than three (3), to be elected at the annual meetings of members;
(5) The address of its principal office and the name and address of its agent upon whom process may be served;
(6) The period of duration of the corporation, which may be perpetual;
(7) The terms and conditions upon which persons shall be admitted to membership in the corporation, but if expressly so stated, the determination of such matters may be reserved to the directors by the bylaws; and
(8) Any provisions not inconsistent with law which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.
(b) It shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this act.