The articles of incorporation shall state:

1. 1. Name The name of the association;
2. 2. Purposes The purposes for which it is formed;
3. 3. Location The municipality and county where the principal office for the transaction of business of the corporation is to be located;
4. 4. Directors The number of directors thereof, which shall be not less than 3 and may be any number in excess thereof; the term of office of such directors; and the names and residences of those who are to serve as directors for the first year, or until election and qualification of their successors.