(1) [deleted]
(2) [deleted]
(3) A company shall not be registered as a credit union in accordance with section 115 of the 2014 Act (conversion of company into a registered society) unless the FCA is satisfied -
(a) that either there are no outstanding deposits by members with the company or that, in the case of every such outstanding deposit, the member concerned has consented in writing to the deposit being converted into an equivalent amount of shares in the credit union immediately upon the company being registered as a credit union; and
(b) that in no case does the nominal value of the company's shares held by any member, together with the amount of any deposit of his which is to be converted as mentioned in paragraph (a) above, exceed the maximum shareholding for the time being permitted by any applicable rules in the case of a member of a credit union.
(c) [deleted]
(4) In subsection (3), "applicable rules" are -
(a) if the credit union is a PRA-authorised person, rules made by
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