Section 354 in The U.P. Co-operative Societies Rules, 1968
354.
(1)Where a claim is preferred to property attached under Rule 353 such claim shall be investigated in the manner and by the authority specified in Rule 348.(2)Attachment of property made under Rule 353 shall be withdrawn -(i)when the party concerned furnishes the security required, together with security for the costs of the attachment; or(ii)when the liquidator determines under clause (b) of sub-section (2) of Section 74 that no contribution is payable by the party concerned; or(iii)when the Registrar passes an order under Section 68, that the party concerned need not repay or restore any money or property or contribute any sum to the assets of the society by way of compensation; or(iv)when the order of surcharge made by the Registrar under sub-section (2) of Section 68 against the party whose property has been attached is set aside in appeal under Section 98; or(v)when the dispute referred to in sub-section (1) of Section 71 has been decided against the party at whose instance the attachment was made.(3)Attachment made under Rule 353 shall not affect the rights, existing prior to the attachment, of persons not parties to the proceedings in connection with which the attachment was made.(4)Where property is under attachment by virtue of the provisions of Rule 353 and an award or order is subsequently made against the person whose property is attached, it shall not be necessary upon an application for execution of such award or order to apply for re-attachment of the property.
