1. (a) A group of at least five (5) persons may form an incorporated company for the purpose of forming a fair association to improve the breeding and speed of stock and to promote agriculture.

2. (b) To form a fair association described in subsection (a), a group must adopt written articles of association that:

   1. (1) specify the purpose of the fair association;
   2. (2) specify the corporate name chosen for the fair association;
   3. (3) list the name and residence of each member;
   4. (4) contain an impression of the corporate seal; and

   5. (5) establish the manner in which persons or officers are chosen to manage the business concerns of the fair association.

      [Pre-2008 Recodification Citation: 15-5-3-1.]

As added by P.L.2-2008, SEC.10.