Charge and set off in respect of shares or interest of members in the capital, etc., of a society

A society shall have a charge upon the share or interest in the capital, deposits, dividend, bonus or profits payable to a member or a past member or the estate of a deceased member in respect of any debt or other amount due by him to the society and may set off any sum credited or payable to such member against payment of any such debt or other amount due: Provided that no financing bank to which a society is affiliated shall have a charge upon or set off against any debt due from such society— (i) any sum invested in the financing bank as reserve fund by the society if the bank is not the sole creditor of the society; or (ii) any sum invested in it by the society as provident fund of its employers established under section 49.