A society may be registered as a credit union only if the Bank is satisfied that it is formed for the objects in subsection (2)(a)–(c) (with any additional purposes limited to (2)(d)–(g)); admission is restricted to persons sharing a common bond as set out in subsection (3); it has at least 15 members of full age; its rules comply with section 13; its registered office is in the State; and it has in force (or will have if registered) the policy of insurance required by section 47. Clause (f) is deleted.

Subsection (2) lists objects including promotion of members' savings; creation of credit sources for mutual benefit at a fair and reasonable rate; use and control of members' savings for mutual benefit; training and education in the use of money; improvement of the well‑being of the members' community; and, subject to section 48, provision of additional services. Subsection (3) defines common bonds (occupation; locality; employer or retired from employer; membership of a bona fide organisation or other association; or other bond approved by the Bank). The Bank must have regard to rule qualifications and may treat restricted admission as sufficient evidence; rules may treat household and family members as qualifying. Sections 6–9 are not yet commenced. Credit unions must publish a description of their common bond, or a map for locality bonds, on a website or include it in annual accounts where no website is maintained.