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54. Share or contribution or interest not liable to attachment.- (1) Subject to the provisions of section 53, the share or contribution or interest of a member or past or deceased member in the capital of a multi-State cooperative society shall not be liable to attachment or sale under any decree or order of any court in respect of any debt or liability incurred by such member and an official assignee or a receiver under any law relating to insolvency shall not be entitled to or have any claim on such share of contribution or interest.
(2) The reserve fund, or the bad debt reserves, or the provident fund of the employees of a multi-State cooperative society invested by such society in accordance with the provisions of this Act and the rules shall not be liable to attachment under any decree or order of a court in respect of any debt or liability incurred by the society.
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