35-16-202. Petition for incorporation -- contents and filing -- bond. (1) The persons desiring to incorporate shall prepare, sign, acknowledge, and file a petition with the clerk of the district court of the county in which the lands or the greater portion of the lands included in the petition are situate, the petition to state:

(a) the name of the corporation or district proposed to be formed;

(b) the purpose for which it is to be formed;

(c) the place where its principal business is to be transacted;

(d) the number of its directors or trustees, which may not be less than three, and the names and residences of those who are selected for the first 3 months and until their successors are elected and qualified. The directors or trustees must at all times be resident freeholders in the state of Montana.

(e) the names and addresses of the petitioners applying for the incorporation or district, with a description of the lands that each owns and that are proposed to be submitted to the corporation or district and the character of the lands and their production, as well as a consent of the owners to submit the lands to the provisions of this section;

(f) the assessed valuation of the land;

(g) the term for which it is to exist, not exceeding 40 years;

(h) if shares, acres, production, or other evidences of membership are to be used, the basis for issuing them in either value, acreage, or production.

(2) In addition to provisions required in subsection (1), the petition for incorporation may also contain provisions not inconsistent with law regarding liability as set forth in 35-14-202.

(3) The petition must be accompanied by a map giving location of the lands sought to be included in the corporation or district, but nothing in this subsection may be construed as requiring the lands to be contiguous.

(4) A bond in the sum of $1,000 to be approved by the clerk, conditioned for the payment of all costs incurred in the creation of the corporation or district, must be filed with the petition.