5(1)This paragraph has effect in relation to an arbitration under paragraph 4(1) above.U.K.
(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.
Textual Amendments
F1Words in Sch. 14 Pt. II para. 5(6) substituted (31.1.1997) by 1996 c. 23, s. 107(1), Sch. 3 para. 47 (with s. 81(2)); S.I. 1996/3146, art. 3 (with transitional provisions in art. 4, Sch. 2)