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

A co-operative society shall have a charge upon the share of contribution or interest in the capital and on the deposits of a member or past member or deceased mamber 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 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 deceased member in or towards payment of any such debt.