Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
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125. Settlement of disputes.

(1) Save as otherwise required by or under this Act, this section applies to any dispute between a credit union and -

(a) a member of the credit union in his capacity as a member;

(b) any former member of the credit union (in that capacity) who ceased to be a member of the credit union not more than six months previously;

(c) any person claiming through any such member or former member (in their capacity as such); or

(d) any person claiming under the rules of the credit union;

and references in subsections (2) to (5) to a dispute shall be construed accordingly.

(2) Subject to subsections (3) and (5), if a credit union's rules give directions as to the manner in which disputes are to be decided, every dispute to which the credit union is party shall be decided in that manner.

(3) Unless the rules of the credit union expressly forbid it, the parties to a dispute may by consent refer the dispute to the Bank who shall hear and decide the dispute.

(4) A decision made on a dispute as mention