Wisconsin Statutes 186.03 – Use of name exclusive
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Terms Used In Wisconsin Statutes 186.03
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Limits. A person may not use a name containing the phrase “credit union”, represent itself as a credit union or conduct business as a credit union unless the person is any of the following:
(a) A credit union.
(b) An association of credit unions.
(c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.
(2) Use required. A credit union shall use the phrase “credit union” in its corporate name.
(3) Name approval. The office of credit unions shall approve a credit union’s name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
(4) Penalty. Whoever violates this section may be fined not more than $5,000.