Section 20 - Charge and set-off in respect of shares or interest of member - Co-operative Societies Act, 1912

Charge and set-off in respect of shares or interest of member. 20. A registered society shall have a charge upon the share or inter est in the capital and on the deposits of a member or past member and upon any dividend, bonus or profits payable to a member or past member in respect of any debt due from such member or past member to the society, and may set-off any sum credited or pay able to a member or past member in or towards payment of any such debt.