(1) The name of every society registered as a credit union shall contain the words "credit union" or, if the rules of the society state that its registered office is to be in Wales, either those words or the words ''undeb credyd''.

(2) Subject to subsection (3) below, a person shall not, unless registered as a credit union. -

(a) use in reference to himself a name, title or descriptive expression containing the words "credit union" or "undeb credyd" or any cognate term or any derivative of those words; or

(b) represent himself as being a credit union;

and any person who contravenes this subsection shall be guilty of an offence and liable on summary conviction to a fine not exceeding £500.

(3) Subsection (2) above does not apply to -

(a) the use, in reference to itself, of a name, title or descriptive expression by any body corporate which falls within subsection (3A) below;

(b) the use by any person or unincorporated association with reference to himself (or itself) of a name which has been approved in writing by the FCA; or

(c) the use by any officer or employee of -

(i) a credit union,