Each ordinance or agreement providing for the creation of an authority shall include articles of incorporation which shall set forth:
1. The name of the authority and the address of its principal office;
2. The names of the governmental units which are to be the initial members of the authority;
3. The purpose or purposes for which the authority is to be created;
4. The number of directors who shall initially serve on the board of directors which shall exercise the powers of the authority, the number of directors from each member governmental unit, and the names, addresses and terms of office of the initial directors of the authority; and
5. Any other provisions for regulating the business of the authority or the conduct of its affairs, including provisions for amendment of the articles of incorporation.