(1) The Idaho corporate credit union is a cooperative nonprofit corporate entity which can assist credit unions in meeting their investment and borrowing needs, assist credit unions in the sound management of their liquid assets and serve as a financial intermediary for credit unions.
(2) Any person, corporation, copartnership or association, except a corporate credit union organized under the provisions of this chapter, or the Federal Credit Union Act, using a name or title containing the words “corporate credit union” or any derivation thereof or representing themselves as a corporate credit union shall be fined not more than one thousand dollars ($1,000), or imprisoned not more than one (1) year or both and may be permanently enjoined from using such words in its name.