(a) Five or more persons competent to contract, a majority of whom shall be residents of this state, who may desire to create a building and loan association under this article shall present articles as described in this Code section to the Secretary of State. The articles shall contain:

(1) The name of the building and loan association;

(2) A recitation that it is being organized under this article;

(3) The county of its location;

(4) The location where its initial registered offices will be located;

(5) The period of its duration, which shall be perpetual unless otherwise limited;

(6) The number of directors constituting the initial board of directors and the name and address of each person who is to serve as a member thereof;

(7) The name and address of each incorporator; and

(8) Any provision which the incorporators may choose to insert for the regulation of the business and affairs of the association.

(b) The articles shall be in writing, subscribed by the incorporators, and acknowledged by each of them before an officer authorized to take acknowledgments. The articles shall be filed and processed in accordance with subsection (c) of Code Section 7-1-392.