Subdivision 1. Permissible uses.
Businesses subject to this chapter may use the term "cooperative" or "housing cooperative" as part of its corporate or business name. Nothing in this chapter shall preclude a business organized under chapter 308A, 308B, 317A, or 515B from using the term "housing cooperative."
A corporation or association organized in this state may not use the term "housing cooperative" as part of its corporate or business name or title, or to represent itself as a housing cooperative, unless the corporation or association has complied with and is subject to this chapter or has incorporated under the laws of this state authorizing incorporation of business on a cooperative plan.
Subd. 2. Penalty for misuse of term housing cooperative.
A corporation or association that violates subdivision 1 is guilty of a misdemeanor.