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Determination of disputes by arbitration.
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48.—(1) Subject to this section, the Act of 1954 shall, subject to any necessary modifications, apply to a dispute where the rules of a society provide that the dispute shall be determined by arbitration.
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(2) Where the rules of a society provide that a dispute shall be determined by arbitration, the following provisions shall apply:—
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(a) the rules shall, for the purposes of subsection (1), be deemed to be an arbitration agreement within the meaning of the Act of 1954;
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(b) arbitrators shall be named and selected in accordance with the rules or, if they make no such provision, one arbitrator shall be named by the board of directors and one by the member;
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(c) an arbitrator shall not be beneficially interested, whether directly or indirectly, in the funds of the society;
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(d) the names of arbitrators appointed by the society shall be duly entered in a register kept by the society for this purpose.
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