Shares, interest, etc., not liable to attachment

Subject to the provisions of section 48 the share or contribution or interest of a member or past member or deceased member in the capital of a 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 any receiver appointed under any law relating to insolvency for the time being in force shall not be entitled to or have any claim on such share or contribution or interest.