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Every corporation organized under this chapter shall designate a corporate name, but such name shall not:

(a) Contain any word or phrase which indicates or implies that it is organized for any purpose other than the purpose(s) contained in its articles of incorporation; or

(b) Be the same as, or deceptively similar to, the name of any corporation, whether for profit or nonprofit, organized under this chapter or any other chapter, ordinance, or resolution of the community to transact business or conduct affairs within the community. [Res. 2011-32; 2008 Code § 9.3.1.9]