Section 450.3123 - Use of term “cooperative,”“co-op,”“consumer cooperative,” or any variation thereof.
NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.3123 Use of term “cooperative,”“co-op,”“consumer cooperative,” or any variation thereof.
Sec. 1123.
(1) The term “cooperative”, “co-op”, or any variation thereof, may only be used in the name of cooperatives organized under or subject to this chapter, corporations organized under or subject to sections 98 to 109 of Act No. 327 of the Public Acts of 1931, being sections 450.98 to 450.109 of the Michigan Compiled Laws, parent cooperative preschools licensed under Act No. 116 of the Public Acts of 1973, being sections 722.111 to 722.128 of the Michigan Compiled Laws, credit unions chartered under the laws of this state or federal law, corporations organized on a cooperative basis or similar basis and organized before the effective date of this amendatory act as nonprofit corporations, unincorporated cooperatives, foreign cooperatives, any entities wholly owned by any of the foregoing or any combination of such entities, and any other entities specifically authorized by statute to use “cooperative”, “co-op”, or any variation thereof.
(2) The term “consumer cooperative” or any variation thereof may only be used in the name of a consumer cooperative or a foreign or unincorporated cooperative the majority of the votes of which are held by consumers and which complies with sections 1132 and 1138.
(3) Unless authorized by subsection (1) or (2), or as otherwise specifically provided by law, a person shall not use the term “cooperative”, “co-op”, “consumer cooperative”, or any variation thereof, as part of a corporate or other business name or title.
(4) This section shall not be construed to authorize any use of the term “co-op”, “cooperative”, “consumer cooperative”, or any variation thereof, that is prohibited by the cooperative identity protection act.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985