law: Co-Operative Societies Act 2008 
  102.
  
  Creation of charge in favour of the society
  1.      A person to whom
  
  money has been lent by a society or who is otherwise indebted to the society
  
  may be required to create a charge in favour of the society in such form as may
  
  be prescribed in the Regulations.
  2.      A charge shall so
  
  long as it continues in force confer on the society the following rights and
  
  impose on the society the following obligations, that is to say—
  a.     
  
    the
  
  right upon the happening of any event specified in the charge as being an event
  
  authorising the chargee to seize the property subject to the charge and take
  
  possession of any such property so subject;
  b.    
  
    after
  
  an interval of 5 clear days from the date of taking possession of any property
  
  subject to the charge, or such less time as may be specified in the charge to
  
  sell such property either by auction or if the charge so provides by private
  
  treaty, either for a lump sum or payment by installments;
  c.     
  
    to
  
  apply the proceeds of sale in or towards discharge of the debt secured by the
  
  charge and the costs of seizure and sale and to pay any surplus of such
  
  proceeds to the member whose property is sold.
  1.      
  2.      
  3.      A charge shall, so
  
  long as it continues in force, impose on the chargee the obligation to pay to
  
  the society towards the discharge of his indebtedness the proceeds of sale of
  
  any property comprised in the charge or any money received under any policy of
  
  insurance or by way of compensation in respect of any such property, except in
  
  so far as the charge otherwise allows.
  4.      For the avoidance of
  
  doubt, it is hereby declared that a charge under this section is not a bill of
  
  sale within the meaning of the Bill of Sale Act.