Charge and set-off in respect of shares or interest of members.

A society shall have a charge upon the share or interest in the capital and on the deposits of a member or past member or deceased member and upon any dividend, bonus or profits payable to a member or past member or deceased member in respect of any debt or outstanding demand owing to such society from such member or past member or deceased member, and may set off any sum credited or payable to a member or past member or deceased member in or towards payment of any such debt or outstanding demand: Provided that no financing bank shall have a charge upon any sum invested by a society as reserve fund with such bank if such bank is not the sole creditor of such society or any sum invested with such bank from any provident fund and no such bank shall be entitled to set off any sum credited or payable to such society in or towards payment of any such debt or outstanding demand which is due from such society to such bank.