SCHEDULES
C1SCHEDULE 14 Settlement of Disputes
Part II Arbitration
Procedure on a reference to arbitration
5
1
This paragraph has effect in relation to an arbitration under paragraph 4(1) above.
2
One or more arbitrators shall be appointed in the manner provided for by the rules of the building society; and so shall another arbitrator if an appointed arbitrator dies or refuses to act.
3
No arbitrator acting on a reference shall be beneficially interested (whether directly or indirectly) in the funds of the society.
4
The rules of the society may provide for the procedure to be followed on a reference to arbitration.
5
An award made by arbitrators, or the majority of them, shall be final and binding.
6
For the purposes of F1Part I of the Arbitration Act 1996 the rules of the society shall be treated as an arbitration agreement.
7
In relation to Scotland, sub-paragraph (6) above shall be omitted.
Sch. 14 excluded (temp.) by S.I. 1986/2168, art. 3(1)(4)