Section 171(1) in The U.P. Co-operative Societies Rules, 1968
(1)In the case of winding up of a co-operative society, the reserve fund and the other funds of the society shall be applied first in discharge of the liabilities of the society in accordance with the priority specified in items (i) to (vi) below-(i)salary and wages or other payments, if any, due to the employees of the society;(ii)security deposits of staff, if any;(iii)borrowings held from Government or on the guarantee of Government, if any;(iv)deposits of non-members, if any;(v)loans, if any; and(vi)deposits of members, if any.
