§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 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]