Attachment before award.

Where the Arbitration Council or the Co-operative Tribunal, as the case may be, is satisfied that a party to any reference made to it under section 58 or section 60, with the intention to defeat or delay the execution of any decision, award or order that may be passed by it, is about to—

(a) dispose of the whole or any part of the property ; or

(b) remove the whole or any part of the property from the local limits of the jurisdiction of the Arbitration Council or the Co-operative Tribunal,

the Arbitration Council or the Co-operative Tribunal, as the case may be, may unless adequate security is furnished, direct conditional attachment of such property or part thereof as it may deem appropriate.