Is it democratic? Can it be bought out or taken over? Is it ‘Regulated’ in any way?  

Yes, it is democratic.  Every owner-member has an equal single vote, regardless of the value of shares deposited or loan taken.

No, it can’t be bought out or taken over! Legislation prohibits this. A credit union can merge with another or others with the consent of its owner-members and its Regulators.  

Like any other “firm” allowed to accept deposits, it’s regulated by the UK Financial Industry Regulators and must comply with the laws and government regulations that govern savings and loan making. This regulation requires external audits and regular filing of trading and management returns to the Regulator, who ensures everything is run in good order.