Section 53: Arbitration

(1) Where the rules of a building society direct disputes to be referred to arbitration, arbitrators shall be named and elected in the manner the rules provide, or if there is no such provision, at the first general meeting of the society, none of the arbitrators being beneficially interested, directly or indirectly in its funds, of whom a certain number, not less than three shall be chosen by ballot in each case of dispute, the number of the arbitrators and mode of ballot being determined by the rules of the society. (2) In the case of the death or refusal or neglect of any of the arbitrators to act, the society at a general meeting shall name and elect an arbitrator to act in the place of the arbitrator dying, or refusing or neglecting to act. (3) The names of all arbitrators elected to act under the foregoing provisions shall be entered in the minute book of the society. (4) The award made by the arbitrators or the major part of them according to the true purport and meaning of the rules of the society shall determine the dispute; and should either of the parties to the dispute refuse or neglect to comply with or conform to such award within a time to be limited therein, the High Court, upon good and sufficient proof being adduced of such award having been made and of the refusal or neglect of the party to comply with it, shall enforce compliance with it upon the petition of any person concerned. (5) Where the parties to any dispute arising in a building society agree to refer the dispute to the registrar or where the rules of the society direct a dispute to be referred to the registrar, the award of the registrar shall have the same effect as that of arbitrators.