§ 7-8-33 - Use of word "cooperative".
SECTION 7-8-33
§ 7-8-33 Use of word "cooperative". –(a) Only associations organized under this chapter, corporations organized on acooperative basis under any other law of this state, credit unions,unincorporated groups operating on a cooperative basis, and foreigncorporations operating on a cooperative basis and authorized to do business inthis state, are entitled to use the term "cooperative," or any abbreviation orderivation of the term, as part of their business name, or to representthemselves as conducting business on a cooperative basis. However, any firm orcorporation using the word "cooperative" as part of its business name prior toJanuary 1, 1947, is not subject to the provisions of this section.
(b) Any person, firm, or corporation violating the aboveprovision shall, upon conviction of the offense be punished by a fine of notless than twenty-five dollars ($25.00), with an additional fine of not morethan two hundred dollars ($200) for each month during which a violation occurs,or by imprisonment for not less than thirty (30) days nor more than one year,or by both fine and imprisonment.