Section 57 in The West Bengal Co-Operative Societies Act, 1983
57. Charge and set off of shares and interests. -
(1)A co-operative society shall have a charge upon the shares or interests in the capital and deposits of a member (including a past or deceased member) and upon the amount payable out of profits to a member or past member or to the estate of a deceased member on account of any debt due to it by such member or past member or deceased member, as the case may be.(2)Subject to the provisions of sections 80 to 84 and the rules and the bylaws, a co-operative society may set off any amount credited or payable to a member or past member or the estate of deceased member in or towards payment of any debt referred to in sub-section (1).
