law: Co-Operative Societies Act, 1912
  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.