49.—(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 such dispute shall be determined by the Registrar.
(2) Where the rules of a society provide that a dispute shall be determined by the Registrar, the following provisions shall apply:—
(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;
(b) the Registrar shall be deemed to be a single arbitrator for the purposes of that Act, and any provision contained therein relating to the appointment of additional arbitrators or umpires shall not apply.