Charge and set-off in respect of share or contribution or interest of the members

A co-operative society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past member or deceased member and on any dividend, bonus or profits payable to a member or past member or the estate of a deceased member in respect of any debt due from such member or past member or the estate of such deceased member to the society, and may set-off any sum credited or payable to a member or past member or the estate of a deceased member in or towards payment of any such debt. For the purpose of section 36, a copy of an entry in the books of a co-operative society shall be certified by a certificate written at the foot of such copy declaring that it is true copy of such entry and that the book containing the entry is still in the custody of the co-operative society: Provided that such certificate shall be dated and signed by an officer of the co-operative society.