Charge and set off in respect of shares or interest of members

A registered society shall have a charge upon the shares or interests in the capital and on the deposits of a member or past member or deceased member and upon any dividend, bonus, or profits payable to a member or past member or to the estate of a deceased member in respect of any debt due to the society from such member or past member or estate, and may set off any credit or payable to a member or past member or estate of a deceased member in or towards payment of any such debt. sale.