Amendment status not verified — confirm the current text below against the official source.
Charge and set off in respect of shares or interest of members.- A registered society shall have a charge upon the share or interest in the capital and on the deposits or contribution of a member, past member or deceased member and upon any amount payable out of profits to a member or past member or to the estate of a deceased or the estate of such deceased member to the society, and may setoff any sum credited or payable to a member, past member or the estate of a deceased member in or towards payment of any such debt.