SCHEDULES
C1SCHEDULE 14 Settlement of Disputes
Part II Arbitration
Circulation of election addresses, resolutions and statements
4
1
If the rules of the society so provide, any dispute in respect of a refusal by a building society to send to its members—
a
copies of an election address F1or a revised election address, in accordance with section 61(7), or
b
any document required to be sent under F2paragraph 20A(1)(b) or 31(1) of Schedule 2 to this Act,
shall, unless the refusal is on one of the grounds specified in sub-paragraph (2) below, be referred to arbitration.
2
Those grounds are—
a
that publicity for the document in question would be likely to diminish substantially the confidence in the society of investing members of the public, or
b
that the rights conferred by section 61(7) or F3paragraph 20A(1)(b) or 31(1) are being abused to seek needless publicity for defamatory matter.
F5Calling of special meeting
Sch. 14 para. 4A and cross-heading preceding it inserted (1.12.1997 in specified cases and for specified purposes and otherwise in accordance with art. 2(2)(3)(5) of S.I. 1997/2668) by 1997 c. 32, ss. 43, 47(3), Sch. 7 para. 64(4); S.I. 1997/2668, art. 2, Sch. Pt. II(w)(z)(xxxvii)
F44A
If the rules of the society so provide, any dispute in respect of a refusal by a building society to call a special meeting required to be called under paragraph 20A(1)(a) of Schedule 2 to this Act shall be referred to 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 F6Part 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.
Access to register of members
6
1
Any dispute as to the rights of a member of a building society under paragraph 15 of Schedule 2 to this Act shall be referred to the F8FCA .
2
The reference of a dispute to the F8FCA under this paragraph shall be treated as a reference to arbitration; and its award shall have the same effect as that of an arbitrator acting in a reference under paragraph 4(1) above.
F93
The FCA must consult the PRA before making any such award.
Disputes cognizable under a scheme
F77
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General
8
In this Part of this Schedule, in relation to an arbitration in Scotland, references to an arbitrator shall be read as references to an arbiter.
Sch. 14 excluded (temp.) by S.I. 1986/2168, art. 3(1)(4)