Section 16: Settlement of disputes by arbitration

If any dispute arises between the managing director or the officer managing and controlling any branch office of the Bank and any individual depositor therein, or any executor, administrator, next-of-kin of a depositor, or any creditor or assignee of a depositor who may become bankrupt or insolvent, or any person claiming to be such executor, administrator, next-of-kin, creditor or assignee, or to be entitled to any money deposited in such bank, then and every such case, the matter in dispute shall be referred to an arbitrator to be appointed by the Minister, and whatever award, order or determination that may be made by such arbitrator shall be binding and conclusive on all parties to the dispute and shall be final to all intents and purposes.
[1979 No. 96.]