(1) A registered society has a lien on a share or any amount outstanding to the credit of a member or his or her legal representative for a debt due by that member to the society.
(2) A registered society may enforce a lien mentioned in subsection (1) in the manner set out in its by-laws.
(3) The board may, in default of payment by any member indebted to a registered society, apply the sum paid up on any shares held by that member in or towards the discharge of the debt so due and of any expenses in or about the same, and the defaulting member shall cease to have any further claim in respect of such shares.