Amendment status not verified — confirm the current text below against the official source.
A co-operative society shall have a charge upon the share or interest in the capital and the deposits of a member or a past or deceased member and upon any amount payable out of profits 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 of the estate of such deceased member to the society and may, subject to the provisions of sections 69 to 73 inclusive and of the rules and by-laws, set off any sum credited or payable to a member, past member or the estate of a deceased member in or towards the payment of any such- debt: Provided that no financing bank, of which a co-operative society is a member, shall have a charge upon any sum invested in the bank by the society out of its reserve fund, unless the bank is the sole creditor of the society, or be entitled to set off any sum credited or payable to the society towards the payment of any debt due from the society. Deduction of