(1) A society may be registered under this Act as a credit union if the Bank is satisfied that each of the following conditions is fulfilled -
(a) the society is formed for the objects specified in paragraphs (a) to (c) of subsection (2) and for no other purposes beyond those specified in paragraphs (d) to (g) of that subsection;
(b) admission to membership of the society is restricted to persons each of whom has, in relation to all the other members, at least one of the common bonds specified in subsection (3);
(c) it has at least 15 members who are of full age;
(d) its rules comply with section 13;
(e) the place which under those rules is, or is to be, the society's registered office is in the State;
(f) [deleted]
(g) it has in force (or will have in force if registered) such a policy of insurance as is required by section 47.
(2) The objects referred to in subsection (1)(a) are -
(a) the promotion of the accumulation of savings by its members;
(b) the creation of sources of credit f
…