Section 20 of the Co-operative Societies Act, 1912 – Charge and set-off in respect of shares or interest of member

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Section 20: Charge and set-off in respect of shares or interest of member

A registered society shall have a charge upon the share or interest in the capital and on the deposits of a member or past member and upon any dividend, bonus or profits payable to a member or past member in respect of any debt due from such member or past member to the society, and may set-off any sum credited or payable to a member or past member in or towards payment of any such debt.

Source: official text of The Co-operative Societies Act, 1912 as published on India Code (PDF). All sections of the Co-operative Societies Act, 1912.

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