Share or contribution or interest not liable to attachment

(1) Subject to the provisions of section 33, the share or contribution or interest of a member or past member or deceased member in the capital of a co-operative society shall not be liable to attachment or sale under any decree or order of any court in respect of any debt or liability incurred by such member, and an official assignee or a receiver under any law relating to insolvency shall not be entitled to or have any claim on such share or contribution or interest. (2) The reserve fund, or the bad debt reserves, or the provident fund of the employees, of a co-operative society invested by such society in accordance with the provision of this Regulation and the rules shall not be liable to attachment under any decree or order of a court in respect of any debt or liability incurred by the society. Loans and subsidies to a co-operative society or class of co-operative societies may be granted by Government on such terms and conditions as may be laid down by the Government by general or special order from time to time.