Multi-State Cooperative Societies Act, 1984

53. Charge and set off, in respect of share or contribution or interest of member.-

A multi-State cooperative 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 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 of 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.