Multi-State Co-operative Societies Act : Charge and set-off in respect of share or contribution or

Multi-State Co-operative Societies Act,2002

Act No : 39

Section : Charge and set-off in respect of share or contribution or interest ofmembers.

55. Charge and set-off in respect of share or contribution or interest of members.-A multi-State co-operative society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past or deceased member a d on any dividend, bonus or profits payable 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 the estate of such deceased member to the society and may set-off any sum credited or ayable to a member or past member or the estate of deceased member in or towards payment of any such debt.