Boards of Trade Act

Marginal note:Board of Arbitration

• 32 (1) At the time appointed pursuant to section 12 for the election of the council of a corporation, and in the same manner, the members of the corporation may elect from their number twelve persons who shall form a board, which shall be called the Board of Arbitration.

• Marginal note:Powers

  (2) Any three persons elected under subsection (1) have power to arbitrate on, and make their award in, any commercial case or difference that is voluntarily referred to them by the parties concerned.

• Marginal note:Three arbitrators to act

  (3) When parties in a case referred to in subsection (2) agree to bind themselves to submit a matter in dispute between them to the decision of the Board of Arbitration, the submission is deemed to be made to any three members of the Board, who may, either by the special order of the Board or by virtue of any general rules adopted by the Board, or under any by-law of the corporation relating to the consideration of any cases so submitted, be appointed to hear, arbitrate and decide on the matter.

• Marginal note:Decision binding

  (4) A decision made under subsection (3) is binding on the Board of Arbitration and the parties making the submission.

• Marginal note:Form

  (5) A submission referred to in subsection (3) shall be in Form 1 of the schedule, or to the same effect.