(i)for the words "has become liable as surety", the words "has furnished security or given a guarantee" shall be substituted;
(ii)for the portion beginning with the words "the decree or order may be executed against him", and ending with the words and figures "within the meaning of section 47:", the following shall be substituted, namely:-
"the decree or order may be executed in the manner herein provided for the execution of decrees, namely:-
(i) if he has rendered himself personally liable, against him to that extent;
(ii) if he has furnished any property as security, by sale of such property to the extent of the security;
(iii)if the case falls both under clauses (i) and (ii), then to the extent specified in those clauses,
and such person shall be deemed to be a party within the meaning of section 47:".