Section 55
Charge and set-off in respect of share or contribution or interest of members.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
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 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.