§ 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.