Credit Union Act, 1997
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Arbitration and procedural matters. |
126.—(1) In this section— | |
(a) “dispute” means such a dispute as is referred to in subsection (1) of section 125 ; and | ||
(b) “the Arbitration Acts” means the Arbitration Acts, 1954 and 1980. | ||
(2) Where the registered rules of a credit union provide that a dispute shall be determined by arbitration, the Arbitration Acts shall, subject to any necessary modifications, apply to that dispute and— | ||
(a) the rules of the credit union shall, for the purposes of this subsection, be deemed to be an arbitration agreement within the meaning of the Arbitration Acts; | ||
(b) arbitrators shall be named and selected in accordance with the rules of the credit union or, if the rules make no such provision, one arbitrator shall be named by the board of directors and one by the member, former member or other person who is a party to the dispute with the credit union; and | ||
(c) an arbitrator shall not be beneficially interested, whether directly or indirectly, in the funds of the credit union. | ||
(3) Where the rules of a credit union provide that a dispute shall be determined by the Registrar, the Arbitration Acts shall, subject to any necessary modifications, apply to the dispute, and— | ||
(a) the rules shall, for the purpose of this subsection, be deemed to be an arbitration agreement within the meaning of the Arbitration Acts; and | ||
(b) the Registrar shall be deemed to be a single arbitrator for the purpose of the Arbitration Acts, and any provision contained in those Acts relating to the appointment of additional arbitrators or umpires shall not apply. | ||
(4) The Minister may by regulations, made after consultation with the Registrar, the Advisory Committee and such other bodies as appear to him to be expert or knowledgeable in matters relating to credit unions, provide that the functions of the Registrar under subsection (3) shall devolve— | ||
(a) on an adjudicator appointed under a scheme established pursuant to regulations under section 127 ; or | ||
(b) if there is no such scheme, on an adjudicator appointed under a non-statutory scheme for the adjudication of complaints against credit unions. | ||
(5) So long as any regulations are in force under subsection (4), references to the Registrar in subsection (3) shall be construed as including references to the adjudicator appointed under subsection (4). |