Arbitration Act (Cap. 387), article 15B

15B. (1) It shall be lawful for a founder to insert an arbitration clause in a foundation statute when creating the foundation or by subsequent amendment if he has the power to amend the statute. In such event such clause shall be binding on all administrators, protectors, members of a supervisory council, and beneficiaries , if any, under the foundation in relation to all matters arising un der or 10 CAP. 387.] ARBITRATION in relation to the foundation. It shall not be lawful for the administrators or other persons having the power to amend the statute of a foundation to insert an arbitration clause by amen ding its statute. Cap. 16. (2) The provisions of sub-article (1) shall not prejudice the ri ght of a party to seek directions from the Civil Court (V oluntary Jurisdiction Section) in terms of the Second Schedule to the Civil Code and the right of the party shall not be limited by any such cla use. Notwithstanding the provisions of this Act, the said Court shal l not be bound to stay proceedings in terms of article 15(3) or otherwis e, but shall enjoy a discretion to do so until such time as it determi nes that the matter is of a contentious nature, in which case it shall s tay the proceedings and shall refer the parties to arbitration. Notice and calculation of periods of time. Amended by: XVIII.1999.10.