Section 1. Be it enacted by the General Assembly of the State of Indiana, That any number of persons, not less than three (3), may voluntarily associate themselves by written articles of association, signed and acknowledged by each person who may be a member at the time of organization, specifying:

First. The corporate name of such association, which shall not be the same or similar to the name of any other association incorporated in this State.

Second. The amount of the capital stock of the same, if such association is organized for pecuniary profit, and the number of shares (if any) into which the same shall be divided, with the amount of each share, which shall not exceed one hundred dollars ($100.00).

Third. The object of such association, with the proposed plan of doing business fully set out.

Fourth. The names and places of residence of each incorporating member.

Fifth. The principal place of business of such association.

Sixth. The term of existence of such association, which, if organized for pecuniary profit, shall not exceed fifty (50) years.

Seventh. A description of the corporate seal; and

Eighth. The manner of election or appointment of all directors and officers who are to manage the business and prudential concerns of any such association.

Ninth. The number of trustees, directors or managers who shall manage the affairs of the association, together with the names of those who shall manage such affairs for the first year.

Sec. 27. That such incorporating members of such association shall first present their articles of association to the Secretary of State of the State of Indiana for filing; and at the time of presenting said articles (and before presenting the same for filing to the recorder of the county in which the same is organized) they shall also present therewith full written or printed statements of the proposed plan of doing business; and if, upon examination, said secretary of state shall find said articles to be according to law, and its proposed plan of doing business not inconsistent with the existing laws of the State of Indiana, or of the United States, and upon the payment of the fees prescribed by law, he shall issue to such corporation a certificate of incorporation, which shall be prima facie evidence of such incorporation. Every such association, after such articles have been so approved by the secretary of state, shall file a duplicate of its articles in the recorder's office of the county in which the principal place of business of such association is located, and upon the expense of filing and recording being paid such recorder shall record the same in the miscellaneous book of records in his office, and such record or a certified copy thereof shall be conclusive evidence of the matters and things therein stated.

Sec. 28. Every such association, from the time such certificate is issued by the secretary of state and such articles are recorded in the recorder's office, shall be deemed and held to be a corporation, and shall have and possess all the rights, powers and privileges given to corporations by common law, to sue and be sued, to borrow money and secure the payment of the same by notes and mortgages, bonds or deeds of trust upon their personal and real property, and rent, lease, purchase, hold, sell and convey such real and personal property as may be necessary and proper for the purpose of erecting buildings and for other necessary objects of any such corporation.

Sec. 30. That every such association may designate the manner in which its shares of stock (if any) may be held, sold, conveyed, assigned or transferred. Any voluntary association heretofore or hereafter organized under the laws of the State of Indiana for any of the purposes set out in this act may increase or decrease its capital stock at any annual meeting of the stockholders: Provided, That written or printed notice of such proposed increase or decrease shall be given by the secretary of the association to its stockholders by depositing such notices in the mail at least ten (10) days before such annual meeting, addressed to their last named place of residence: And provided, further, That any such association heretofore or hereafter organized may increase its capital stock at any special meeting of the stockholders by a vote representing a majority of all the outstanding stock of such association ; such special meeting to be called for that purpose: Provided, Written or printed notice of such proposed change, signed by the secretary of the company, shall be deposited in the mail addressed to each of the stockholders of such association at least ten (10) days before such special meeting, at their last known place of residence.

Sec. 33. Whenever two-thirds in interest of the members of any such corporation heretofore or hereafter organized, desire to close its concerns, they may apply by petition to the Circuit or Superior Court of the county in which the principal office or place of business of such company is located, setting forth, in substance, the grounds of their application, with the names and amounts of all stockholders, and the names and amounts due all creditors; and the court shall thereupon direct that notice for ten (10) days shall be mailed to the last and usual place of residence of each stockholder and creditor, and fix a day in such notice for a hearing of such application for dissolution; and the court, after such notice and a hearing, may decree a dissolution of such corporation and appoint a trustee or receiver or receivers to wind up its affairs, take charge of its estate and effects, to collect debts and property due and belonging to such corporation, with power to prosecute and defend suits in its name or otherwise, to appoint agents under such receiver or receivers, and to do all other acts which might be done by such corporation that are necessary for the final settlement of its unfinished business. The powers of such receiver or receivers may continue as long as the court deems necessary for said purposes.