(a) The certificate of incorporation of the corporation shall state:
- (1) The names of the persons forming the corporation, together with the residence of each thereof, and a statement that each of them is a duly qualified elector of and property owner in the municipality;
- (2) The name of the corporation (which shall be “The Public Building Authority of the City (or Town) of _____” or some other name of similar import);
- (3) The location of its principal office, which shall be in the municipality;
- (4) The number of directors (which shall be three or a multiple of three); and
- (5) Any other matters relating to the corporation that the incorporators may choose to insert and that is not inconsistent with this chapter or with the laws of the state.
- (b) The form and contents of the certificate of incorporation must be submitted to the governing body for its approval, which shall be evidenced by a resolution duly entered upon the minutes of the governing body.
(Acts 1955, No. 493, p. 1116, §4.)