(B) No corporation or other person organized or applying to do business in this state shall use the word or abbreviation "cooperative," "coop," "co-operative," or "co-op" as a part of its corporate or other business name or title, unless at least one of the following applies:

1. (1) It is organized under this chapter.
2. (2) It is organized and operating on a cooperative basis under Chapter 1702. of the Revised Code.
3. (3) It is organized and operating in accordance with the cooperative laws of another state, the District of Columbia, or the United States.
4. (4) It is a state or federally chartered credit union.