Section 42 in Himachal Pradesh Co-Operative Societies Act, 1968
42. Charges and set off in respect of shares or interest of members.
- A society shall have a charge upon the share or interest in the capital, and on the deposits of a member or a past member or deceased member and upon any dividend, bonus or profits payable to a member, past member or deceased member in respect of any debt or outstanding demand owing to the co-operative society and the society may set off any sum credited or payable to such member in or towards 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 56 or its reserve fund; and no co-operative bank shall be entitled to set off any such sum towards any debts due from the society.
