Co-Operative Societies Act · 2015 Revised Edition · Part III · Duties and Privileges of Societies
15. Charge and set-off in respect of shares or interests of members
Official textFrom Attorney General's Chambers, unchanged
A registered society shall have a charge upon —
registered society
“registered society” means a co-operative society registered under this Act;
the shares or interest in the capital;
the deposits of a member or past member or deceased member; and
member
“member” includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership after registration in accordance with the by-laws;
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.
dividend
“dividend” means a share of the profits of a registered society divided among its members in proportion to the volume of capital held by them;
Terms defined in s 2
bonus
Defined · s 2“bonus” means a share of the profits of a registered society divided among its members in proportion to the share business done with the society by them from which profits of the society were derived;
dividend
Defined · s 2“dividend” means a share of the profits of a registered society divided among its members in proportion to the volume of capital held by them;
member
Defined · s 2“member” includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership after registration in accordance with the by-laws;
registered society
Defined · s 2“registered society” means a co-operative society registered under this Act;
Part IV
Part IV
Part iv a
Part V
Property and Funds of Registered Societies
Part VI
Audit, Inspection and Inquiry
Part VII
Part VIII
Surcharge and Attachment
Part IX
Disputes
Part X
Rules
Part XI