A person, firm, corporation or association, domestic or foreign, commencing business in this State after the effective date of this section may not use the word “cooperative” or “co-op” as a part of its corporate name unless it has complied with this subchapter or any other law of this State relating to cooperative associations. A foreign association organized under and complying with the cooperative laws of the state in which it was created is entitled to use the term “cooperative” or “co-op” in this State if it has obtained the privilege of doing business or carrying on activities in this State. [PL 1993, c. 300, §1 (NEW).]