The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain:
The name of the state trust company;
The period of its duration, which may be perpetual;
The powers of the state trust company, which may be stated as:
The aggregate number of shares, or participation shares in the case of a limited liability trust company, that the state trust company will be authorized to issue, the number of classes of shares or participation shares, which may be one or more, the number of shares or participation shares of each class if more than one (1) class, and a statement of the par value of the shares or participation shares of each class or that the shares or participation shares are to be without par value;
If the shares or participation shares are to be divided into classes, the designation of each class and statement of the preferences, limitations, and relative rights of the shares or participation shares of each class, which in the case of a limited trust association may be more fully set forth in the participation agreement;
Any provision limiting or denying to shareholders or participants the preemptive right to acquire additional or treasury shares or participation shares of the state trust company;
Any provision granting the right of shareholders or participants to cumulative voting in the election of directors or managers;
The aggregate amount of consideration to be received for all shares or participation shares initially issued by the state trust company, and a statement that all authorized shares or participation shares have been subscribed and that all subscriptions received provide for the consideration to be fully paid in cash before issuance of the charter;
Any provision consistent with law that the organizers elect to set forth in the articles of association for the regulation of the internal affairs of the state trust company or that is otherwise required by this chapter to be set forth in the articles of association;
The street address of the state trust company's principal office required to be maintained under Section 81-27-2.003; and
The number of directors or managers constituting the initial board, which may not be fewer than five (5) or more than twenty-five (25), and the names and street addresses of the persons who are to serve as directors or managers until the first annual meeting of shareholders or participants or until successor directors or managers have been elected and qualified; or, at the option of the organizers of a limited liability trust company, that will have not fewer than five (5) or more than twenty-five (25) participants, a statement that management is vested in a board comprised of all participants, with management authority vested in each participant in proportion to the participant's contribution to capital as adjusted from time to time to properly reflect any additional contribution, and the names and street addresses of the persons who are to be the initial managing participants.