Charge and set off in respect of shares or interest of members in the capital or a Co-operative Society.

A co-operative society shall have a charge upon the share, contribution or interest in the capital and on the deposits of the member or past member or deceased member and upon 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 to the society, and may set off any sum credited or payable to a member or past member or the estate of deceased member towards payment of any such debt.