(1) A person doing business in Saint Lucia shall not use the words “credit union” or any abbreviation or derivation thereof as part of its name, or with respect to its goods, wares, merchandise or services or its method of conducting its business, or hold itself out to be a registered society unless it is registered under this Act.
(2) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of $5,000 and to a further fine of $100 for each day for which the contravention continues after a conviction is obtained.