Section 16: Charge and set-off in respect of shares of members.

A registered society shall have a charge-(a) upon the shares or interests in the capital and on the deposits of a present or past or deceased member; and
(b) upon any dividend, bonus or profits payable to a present or past member or to the estate of a deceased member, in respect of any debt due to the society from the present, past or deceased member and may set off any sum credited or payable to the present or past member or passed on to the estate of a deceased member in or towards payment of any debt.