§ 414.32

§414-32 Articles of incorporation. (a) The articles of incorporation shall set forth: (1) A corporate name for the corporation that satisfies the requirements of section 414-51; (2) The number of shares the corporation is authorized to issue; (3) The mailing address of the corporation's initial principal office and the information required by section 425R-4(a); and (4) The name and address of each incorporator. (b) The articles of incorporation may set forth: (1) The names and addresses of the individuals who are to serve as the initial directors; (2) Provisions not inconsistent with law regarding: (A) The purpose or purposes for which the corporation is organized; (B) Managing the business and regulating the affairs of the corporation; (C) Defining, limiting, and regulating the powers of the corporation, its board of directors, and shareholders; (D) A par value for authorized shares or classes of shares; and (E) The imposition of personal liability on shareholders for the debts of the corporation to a specified extent and upon specified conditions; (3) Any provision that under this chapter is required or permitted to be set forth in the bylaws; (4) A provision eliminating or

f the corporation to a specified extent and upon specified conditions; (3) Any provision that under this chapter is required or permitted to be set forth in the bylaws; (4) A provision eliminating or limiting the liability of a director to the corporation or its shareholders for money damages for any action taken, or any failure to take any action, as a director, subject to section 414-222; and (5) A provision permitting or making obligatory indemnification of a director for liability (as defined in section [414-241]) to any person for any action taken, or any failure to take any action, as a director, except liability for: (A) Receipt of a financial benefit to which the director is not entitled; (B) An intentional infliction of harm on the corporation or its shareholders; (C) A violation of section 414-223; or (D) An intentional violation of criminal law. (c) The articles of incorporation need not set forth any of the corporate powers enumerated in this chapter. [L 2000, c 244, pt of §1; am L 2002, c 130, §10; am L 2009, c 55, §4]