127Lien and set-off

127 Lien and set-off

127 Lien and set-off

(1) A co-operative has, in relation to any debt payable by a member or former member to the co-operative, a lien on each of the following—

(a) the share or interest in the capital and the credit balance and deposits of the member or former member;

(b) any rebate, bonus, dividend or interest payable to the member or former member;

(c) any entry fees and regular subscriptions required to be repaid to a member when the member ceases to be a member.

(2) The co-operative may set-off any amount paid on account of that share or other thing, or any amount credited or payable to the member or former member, in or towards payment of the debt.

(3) The lien created by this section may be enforced by the appropriation by the co-operative of the thing that is subject to the lien, but only after at least 7 days notice has been given to the member or former member.

(4) Any share in relation to which capital has been so appropriated must be cancelled.