Section 42: Charges and set off in respect of shares or interest of members

The Himachal Pradesh Cooperative Societies Act, 1968State Act of Himachal Pradesh · Act 3 of 1969

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.

Where this provision sits

Act	The Himachal Pradesh Cooperative Societies Act, 1968
Section	42
Marginal note	Charges and set off in respect of shares or interest of members
Jurisdiction	State of Himachal Pradesh
Status	In force as published by the source

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