6-06-05. Use of credit union and corporate central credit union restricted - Forfeiture

6-06-05. Use of credit union and corporate central credit union restricted - Forfeiture

It is unlawful for any person, association, copartnership, or corporation, domestic or foreign,

except corporations organized in accordance with the provisions of this chapter, to use the

words "credit union", "corporate central credit union", or "central credit union" in their name or

title, and any person, association, copartnership, or corporation violating this section shall forfeit

to the state one hundred dollars for every day, or part thereof, during which such violation

continues. The commissioner may recover such forfeited sums in a civil action and shall deposit

any sums recovered or collected with the state treasurer. Only one "corporate central credit

union" or "central credit union" may be organized under this chapter, and no other credit union

may use the term "corporate central" or "central" as part of its name. The North Dakota credit

union league, any chapter, affiliate, or subsidiary of this league, and any political action

committee formed by credit unions organized under this chapter or federal law or a political

action committee formed by the North Dakota credit union league are specifically exempt from

this restriction.