The name of each cooperative shall include the words "electric" and "cooperative" and the abbreviation "inc."; provided that limitation shall not apply if, in an affidavit made by the president or vice president of a cooperative and filed with the secretary of state, it appears that the cooperative desires to transact business in another state and is precluded therefrom by reason of its name. The name of a cooperative shall distinguish it from the name of any other corporation organized under the laws of, or authorized to transact business in, this state. The words "electric" and "cooperative" shall not both be used in the name of any corporation organized under the laws of, or authorized to transact business in, this state, except a cooperative or a corporation transacting business in this state pursuant to the provisions of the Rural Electric Cooperative Act.
History: Laws 1939, ch. 47, § 4; 1941 Comp., § 48-404; 1953 Comp., § 45-4-4; 2013, ch. 75, § 25.
ANNOTATIONSThe 2013 amendment, effective July 1, 2013, required that cooperatives file an affidavit with the secretary of state that the cooperative is precluded from doing business in another state because its name includes the required words; and in the first sentence, after "filed with the", deleted "state corporation commission" and added "secretary of state".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 5 to 9.
43 C.J.S. Industrial Cooperative Societies § 4.