Section 17Part 3 — Duties and Privileges of Societies
Charge and set off in respect of shares or interest of members
←→ Navigate · Click subsection badges to collapse · Press ? for help
A registered society shall have a charge upon the shares or interest in the capital and on the deposits of a member, past member or deceased member and upon any dividend, bonus or profits payable to a member, past member or estate for any debt due by a member to the society, and may apply any sum credited or payable to a member, past member or estate of a deceased member in or towards payment of any such debt.