Section 75.07. Companies; how created

Notwithstanding  the provisions of any other law or requirement to the
  contrary, companies shall be incorporated and organized pursuant to  the
  not-for-profit corporation law and this article.
    In  addition  to  those  matters  required  to  be  set  forth  in the
  certificate of incorporation by the not-for-profit corporation law,  the
  certificate shall state:
    1.  That, among the purposes for which it is formed, the company is to
  plan, construct, acquire,  alter,  reconstruct,  rehabilitate,  improve,
  own,  maintain,  and  operate  one  or  more  projects  pursuant to this
  article.
    2. The number of directors, which shall be not  less  than  three  nor
  more  than  fifteen.  Directors  shall  be elected by the members of the
  company.  One additional director may be designated by the commissioner.
  In the absence of fraud or bad  faith  the  director  appointed  by  the
  commissioner  shall not be personally liable for the debts, obligations,
  or liabilities of the company.
    3.  That  the  real  property  of  the  company  shall  not  be  sold,
  transferred,   encumbered,  or  assigned  except  as  permitted  by  the
  provisions of this article.
    4. That the company has been organized exclusively to serve  a  public
  purpose  and  that it shall be and remain subject to the supervision and
  control of the commissioner pursuant to the provisions of  this  article
  and all applicable laws and regulations.
    5.  That  all  income  and  earnings  of  the  company  shall  be used
  exclusively for its corporate purposes.
    6. That no part of the net income or net earnings of the company shall
  inure to the benefit or profit  of  any  private  individual,  firm,  or
  corporation.