Co-Operative Societies Act · s 15

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s 15Charge and set-off in respect of shares or interests of members

A registered society shall have a charge upon —

(a)

the shares or interest in the capital;

(b)

the deposits of a member or past member or deceased member; and

(c)

any dividend, bonus or profits payable to a member or past member or to the estate of a deceased member, in respect of any debt due to the society from such member or past member or estate and may set off any sum credited or payable to a member or estate of a deceased member in or towards payment of any such debt.