(1) Not with standing anything contained in any law for the in force, a member of a multi state cooperative society may by agreement in favor of that society providing that his employer his salary or wages shall be competent to deduct every month salary or wages payable to him, such amount as may be specie. field agreement and to pay the amount so deducted to the society in of any debt or other demand owing by the member to the society (2) On the execution of such agreement, the employer salary or wages of the members shall, if so required by the cooperative societies by a requisition in writing and so long as the not intimate that the whole of such debt or other demand has been the deduction in accordance with the agreement and pay the deducted to the society within a period of fourteen days of the date deduction has been made, as if it were a part of the salary or on the day as required under the Payment of Wages Act, 1936, payment shall be valid discharge of the employer for his the amount deducted (3) If after the receipt of a requisition made under employer disbursing the salary or wages of the member at any deduct the amount specified in the requisition from the salary Yale to the member concerned or makes default in remitting the amount educe teed to the multi state cooperative society, the society shall be entitled recover any such amount from such employer as arrears of land revenue CD the amount so due from such employer shall rank in priority in respect of liability of such employer equal to that of the salary or wages in arrears. A multi state co-operative society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past or deceased member and on any dividend, bonus or profits payable to a member or past member or the estate of a deceased member in respect of any debt due from such member or past member or the estate of such deceased member to the society and may set-off any sum credited or payable to a member or past member or the estate of deceased member in or towards payment of any such debt cognizance of offences under multi state cooperative societies Act, 2002.