Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsSettlement of disputes
| 45. Where any dispute arises between the Bank and any person who has a deposit or savings account in the Bank or any heir, executor, administrator or creditor of such person, or assignee of such person who becomes insolvent, or any person claiming to be heir, executor, administrator, creditor or assignee or to be entitled to any money lying in the Bank to the credit of such first-mentioned person, then, in every such case, the matter in dispute shall be referred to an arbi- trator mutually agreed upon by the Bank and the other party to the dispute, or, if they are unable to agree upon such an arbitrator, to two arbitrators one of whom shall be nominated by the Bank and the other by such other party, together, if the arbitrators are unable to resolve the dispute, with a third arbitrator agreed upon by such arbitrators, and the award, order or determination made by the majority of the arbitrators shall be final and conclusive and binding on the Bank and the other party to the dispute. |