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

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