  A repeating source of fast radio bursts (FRBs) is recently discovered from a
globular cluster of M81. Association to a globular cluster (or other old
stellar systems) suggests that strongly magnetized neutron stars, which are the
most likely objects responsible for FRBs, are born not only when young massive
stars undergo core-collapse, but also by mergers of old white dwarfs. We find
that the fractional contribution to the total FRB rate by old stellar
populations is at least a few percent, and the precise fraction can be
constrained by FRB searches in the directions of nearby galaxies, both
star-forming and elliptical ones. Using very general arguments, we show that
the activity time of the M81-FRB object is between 10^4 and 10^6 years, and
more likely of order 10^5 years. The energetics of radio outbursts puts a lower
limit on the magnetic field strength of 10^{13} G, and the spin period > 0.2
sec, thereby ruling out the source being a milli-second pulsar. The upper limit
on the persistent X-ray luminosity (provided by Chandra), together with the
high FRB luminosity and frequent repetitions, severely constrains (or rules
out) the possibility that the M81-FRB is a scaled-up version of giant pulses
from Galactic pulsars. Finally, the 50 ns variability time of the FRB
lightcurve suggests that the emission is produced in a compact region inside
the neutron star magnetosphere, as it cannot be accounted for when the emission
is at distances > 10^{10} cm.
