Section 36 in The Orissa Co-operative Societies Act, 1962
36. Charge and set-off in respect of share or Interest of member in the capital of a Society.
- A Society shall, in respect of any debt or outstanding demand owing to it, have a charge upon the share or interest in the capital of and on the deposits made by a member, a past member or deceased member and on any dividend, rebate, bonus or profits payable to any such member and may set off any sum credited or payable to a member towards; payment of any such debt or outstanding demand :Provided that no Financing Bank to which a Society is affiliated shall have a charge upon any sum invested in the Financing Bank as reserve fund by the Society if the Bank is not the sole creditor of the Society, or be entitled to set off any such sum credited or payable to the Society towards any debt due from such Society.
