(1) A society may be registered under the Co-operative and Community Benefit Societies Act 2014 ("the 2014 Act") as a credit union if -

(a) it is shown to the satisfaction of the FCA that the conditions specified in subsection (2) below are fulfilled;

(aa) the society has at least 21 members;

(b) the rules of the society comply with section 4(1) below;

(c) the place which under those rules is to be the society's registered office is situated in Great Britain;

(d) the society has made an application for permission under Part 4A of the Financial Services and Markets Act 2000 (in this Act referred to as "the 2000 Act") to accept deposits;

(e) the FCA is satisfied that, once registered under the 2014 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the FCA is responsible in relation to the regulated activity of accepting deposits; and