Section 47 in The Gujarat Co-Operative Societies Act, 1961
47. Charge and set-off in respect of share or interest of member.
- In respect of any debt due to a society by any member thereof, the society shall have a charge upon the share or interest in the capital of the society, upon the deposits of such member with the society and upon any dividend, rebate or profits payable to such member, and the society may set-off any sum credited or payable to such member in or towards the payment of any such debt :Provided that, no co-operative bank shall have a charge upon any sum invested with it by a society out of the provident fund established by it under Section 72, and no cooperative bank shall be entitled to set-off any such sum towards any debts due from the society.
