Multi-State Co-Operative Societies Act, 2002

CHAPTER VI

PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

Charge and set-off in respect of share or contribution or interest of members

55. A multi-State co-operative society shall have a charge on the charge or contribution or interest in the capital and on the deposits of a member or past or deceased member and 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 payable to a member or past member or the estate of deceased member in or towards payment of any such debt.