Charges and set-offs in respect of shares, etc

A credit union shall have a charge upon the shares or interest in the capital and on the deposits of a member or past member or deceased member and upon any dividend or rebate payable to a member or past member or estate, of a deceased member for any debt due by a member to the credit union, and may apply any sum credited or payable to a member or past member or estate of a deceased member in or towards payment of any such debt.