(1)Money payable by a member to a registered society is a debt due from the member to the society, and is recoverable as a debt—
(a)in the county court, or
(b)in Scotland, before the sheriff whose jurisdiction contains the society's registered office or the member's residence, at the option of the society.
(2)A registered society has a lien on a member's shares in the society for any debt due from the member to the society, and may set off any sum credited to the member on those shares in or towards the payment of that debt.