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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 94

General provisions as to disputes.

94.(1) The provisions of this section shall have effect where the rules of a
building society direct disputes to be referred to arbitration.

(2) Arbitrators shall be nominated and elected in the manner provided by the
rules, or, if the rules make no such provision, at the first general meeting
of the building society.

(3) A person who is beneficially interested, whether directly or indirectly,
in the funds of a building society shall not be nominated or elected and shall
not act as an arbitrator of that society.

(4) In the case of a dispute, such number of the arbitrators (not being less
than three) as may be prescribed by the rules of the society shall be chosen
by ballot (in such manner as may be so prescribed) to determine it.

(5) The names of the arbitrators shall be duly entered in the minute book of
the society.

(6) If an arbitrator dies, or refuses or neglects to act, the building society
at a general meeting shall nominate and elect another to act in his place.

(7) The award made by the arbitrators or the majority of them, if made in
accordance with the rules of the building society, shall determine the
dispute.

(8) If either party to a dispute refuses or neglects to comply with the award
of the arbitrators within such time as may be limited by the award, the court,
on the application of any person concerned, shall enforce compliance with the
award on proof of its having been made and of that party's refusal or neglect
to comply with it.

© 1967 Crown Copyright

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