282. All claims, complaints, differences and disputes between, members arising out of or in relation to any bargains, dealings, transactions or contracts made subject to the articles, bye-laws and regulations of the Exchange or with reference to anything incidental thereto or anything to be done in pursuance thereof and any question or dispute whether such bargains, dealings, transactions or contracts have been entered into or not shall be subject to arbitration and referred to the Arbitration Sub-committee as provided herein.
Legal Proceedings with Permission of the Committee
283. In respect of any claim, complaint, difference or dispute required to be referred to arbitration under these provisions no member shall commence legal proceedings against another without the permission of the Committee. If a member institutes such proceedings without permission and recovers any money or other relief he shall hold the same in trust for the Exchange and shall pay the same to the Exchange to be dealt with in the manner directed by the Committee.
Reference to Arbitration Sub-committee
284. All claims differences and disputes required to be referred to arbitration under these provisions shall be referred to the Arbitration Sub-committee for the time being constituted by the Committee.
285. Save as otherwise provided not less than two days’ notice from the date of filing of the reference of the time and place appointed for the hearing of the reference by the Arbitration Sub-committee shall be given to both parties to the reference.
Both Parties Present
286. If both the parties to the reference are present at the appointed time and place, the arbitrators shall proceed to hear the reference and to give the award.
Ex-parte Decision & Summary Disposal
287. If the party against whom the reference is filed be not present at the appointed time and place the arbitrators may hear and decide the reference ex-parte and if the party filing the reference be not present, the arbitrators may dismiss the reference summarily.
Appeal to committee
288. Any member aggrieved by the decision of the Arbitration Sub-committee may within 7 days of such decision being received appeal to the Committee whose decision shall be final.
Certain Members May Not Vote
289. The members of the Arbitration Sub-committee who have made any award against which an appeal is made to the Committee, may attend meeting of the Committee at which the appeal is heard but shall not be entitled to vote.
Signing of Award
290. An award made by the Arbitration Sub-committee or the Committee shall be in writing and shall be signed by the members of the Arbitration Sub-committee or the Chairman on the Committee respectively. The award given by the Committee will be signed by the Chairman of the Committee who presided at the meeting wherein the Award was given.
Members Interested Not To Attend
291. A party to a reference who is a member of the Arbitration Sub-committee or the Committee shall not attend any meeting of the Arbitration Sub-committee or of the committee at which an inquire into the reference or appeal is made or at which a reference or appeal is heard.
292. It shall be no objection to an award of the Arbitration Sub-committee or of the Committee that the meeting at which a reference or appeal was inquired into or a reference or appeal was heard was adjourned from time to time or that the inquiry was not completed or that the reference or appeal was not finally heard at one meeting.
Change in Composition
293. It shall be no objection to an award of the Arbitration Sub-committee or of the Committee that the composition of the Arbitration Sub-committee or the Committee changed during the inquiry or reference or appeal.
294. If a party to a reference in whose favour an award has been made be not present at the time fixed by the Committee for hearing the appeal against such award, the Committee may proceed to hear the appeal ex-parte.
Re-hearing Ex-parte Award
295. On sufficient cause being shown the Committee may set aside an ex-parte award made by the Arbitration Sub-Committee and in any such case the Committee may direct that the reference to the appeal be again entered into and heard.
Fresh Reference on Non-compliance with award when Allowed
296. Whenever an award directs that certain acts or things be done by the parties to the reference and a party fails to comply with such direction the other party may make fresh reference for a further award for determining the dispute outstanding or the amount of damages or compensation payable by reason of such failure.
Late Claims Barred
297. The Arbitration Sub-committee shall not take any cognisance of any claim, complaint, difference or dispute which shall not be referred to it within the statutory period of three years of the date when it arose.
Extension of Time for Making an Award
298. The Committee may, if deemed fit whether the time for making the award has expired or not or whether the award has been made or not, extend, from time to time, the time for making an award.
Remedies at Law
299. The Arbitration Sub-committee or the Committee may decline to hear a reference or an appeal or may dismiss any reference or appeal at any time during the proceedings and refer the parties to their remedies at law and it shall so refer them upon the joint request of the parties.
Penalty on Failure to Submit to or Abide by Award in Arbitration
300. A member who fails or refuses to submit to or abide by or carry out any award in arbitration between members as provided herein may be fined, suspended and/or expelled by the Committee as provided in the Articles, Bye-laws and Regulations and there-upon the other party shall be entitle to institute any suit or legal proceedings to enforce the award or otherwise assert his rights.
301. The parties desiring to make a reference to arbitration or proceed in appeal shall pay in advance the fees prescribed in Regulation or such other fees as the Committee may from time to time prescribe in modification or substitution thereof.
Payment of Fees
302. Unless otherwise directed in the award the party against whom the award finally made shall pay all fees paid by the other party to the reference in connection with the arbitration proceedings.
Appearance by Legal Advisers
303. During a hearing the parties to the reference and/or their office employees conversant with the facts of the case may appear before the Arbitrations Sub-committee or the Committee in the case of appeal; but no party shall be entitled to insist to appear by counsel, attorney or advocate or such other authorised representative or to insist that the arbitrators do hear or examine witnesses or receive oral or documentary evidence other than what is deemed necessary by the Arbitration Sub-committee or the Committee in case of appeal.
d on the principal sum adjudged for any period prior to the institution of the arbitration proceedings and may also adjudge the additional interest on such principal sum as is deemed reasonable for the period from the date of the institution of the arbitration proceedings to the date of the award and further interest on the aggregate sum so adjudged at such rate as is deemed reasonable from the date of the award to the date of payment or the date of the decree.
273. The costs of reference and award including costs, charges, fees and other expenses shall be in the discretion of the arbitrators who may decide and direct in the award to and by whom in what manner and in what proportion such costs, charges, fees and other expenses or any part thereof shall be borne and paid by the parties and may tax and settle the amount to be so paid or any part thereof. Failing any direction in the award the costs, charges, fees and other expenses shall be borne by the parties to the reference in equal proportion. A party refusing to carry out an award shall pay the costs between attorney and client in connection with the filing of the award in the Court and its enforcement unless the Court otherwise directs.
Operation of Contracts.
274. All dealings, transactions and contracts which are subject to the Articles, Bye-laws and Regulations of the Exchange and every arbitration agreement to which the Articles, Bye-laws and Regulations of the Exchange apply, shall be deemed in all respects to be subject to the Articles, Bye -laws and Regulations of the Exchange and shall be deemed to be and shall take effect as wholly made, entered into and to be performed in the city of Calcutta and the parties to such dealings, transactions, contracts or agreements, shall be deemed to have submitted to the jurisdiction of the Courts in Calcutta for the purpose of giving effect to the provisions of the Articles, Bye-laws and Regulations of the Exchange.
Notice and Communications How to be Served On a Non-member
275. Notice and Communications to a non-member shall be served at his ordinary business address and/or at his ordinary place of residence and/or at his last know address in any one or more or all of the following ways, namely:
Service By Hand Delivery When Complete
276. A notice or communication served by hand shall be deemed to have been received by the party on the production of a certificate to that effect signed by the person delivering the notice or communication.
Service By Post or Telegram When Complete
277. A notice or communication served by post or telegram shall be deemed to have been received by the party at the time when the same would in the ordinary course of post or telegram have been delivered. The production of a letter of confirmation from the post office or of the post office receipt for the registered letter or telegram or of a certificate of posting shall in all cases be conclusive proof of the posting or despatch of such notice or communication and shall constitute due and proper service of notice.
Refusal to Accept Delivery Does Not Affect Service
278. In no case shall any refusal to take delivery of the notice or communication affect the validity of its service.
Service by Advertisement or by Notice on Notice Board When Complete
279. A notice or communication published in a newspaper or posted on the Notice Board of the Exchange shall be deemed to have been served on the party on the day on which it is published or posted. If any notice or communication required to be given by posting on the Notice Board be not so posted but advertised at least once in any daily newspaper it shall be deemed to have been duly served on the party concerned.
280. The Secretary or the Assistant Secretary or an employee or employees of the Exchange under his authority shall –
281. No party shall bring or prosecute any suit or proceedings whatever against the Exchange, the Committee, the President, the Secretary or any employee or employees of the Exchange acting under his authority or against the arbitrators for or in respect of any matter or thing purporting to be done under these provisions nor any suit or proceedings (save for the enforcement of the award) against the other party or parties to the reference.