The articles of incorporation shall state:
1. Name. The name of the association;
2. Purposes. The purposes for which it is formed;
3. Location. The municipality and county where the principal office for the transaction of business of the corporation is to be located;
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. <div