Section 54 in Jammu and Kashmir Co-operative Societies Rules, 2001
54. Mode of making attachment before judgement
(1)Attachment of property under section 154 of the Act shall be made by the authority as provided in the rule 53.(2)Where a claim is preferred to property attached under sub-rule (1) such claim shall be investigated in the manner and by the authority specified in rule 53.(3)Where a direction is made for the attachment of any property under sub-rule (1), the recovery officer shall order the attachment to be withdrawn:(a)When the party concerned furnishes the security required, together with security for the costs of the attachment; or(b)When the liquidator determines under clause (d) of sub-section (2) of section 76 of the Act that no contribution is payable by the party concerned; or(c)When the Registrar passes an order under sub-section (1) of section 69 that the party concerned need not repay or restore any money or property or contribution any sum to the assets of the society by way of compensation; or(d)When the dispute referred to in sub-section (1) of sections 70, 71, 72 and rule 39 (1) of these rules has been decided against the party at whose instance the attachment was made.(4)Attachment made under sub-rule (1) shall not effect the rights existing prior to the attachment, of persons who are not parties to the proceedings, there shall be no bar on the decree holder for applying for the sale of the property under attachment in execution of such decree.(5)Where property is under attachment by virtue of the provisions of this rule and a decree is subsequently passed against the persons whose property is attached, it shall not be necessary upon an application for execution of such decrees to apply for re-attachment of the property.
