Except as otherwise expressly provided in this chapter, no person, firm, individual, partnership, trust, domestic corporation, foreign corporation, or association shall adopt or use the word “cooperative” or any abbreviation or derivation thereof, or any word similar thereto, as part of the name or designation under which he does business in the United States Virgin Islands, nor conduct business or represent that business is conducted cooperatively, unless incorporated as provided in this chapter or under some other law of the United States Virgin Islands entitling him so to do; provided, however that the foregoing prohibition shall be inapplicable to any housing cooperative, the financing of which is insured or guaranteed by the United States of America, one of its instrumentalities, or agencies, and which is certified by the Commissioner of the Federal Housing Administration as consumer cooperative.