62 
The following regulations shall apply to all references to Arbitration under 
the Rules of the Association— 
(a) Each disputant shall appoint a disintgrested Broker who must be a member 
of the Association as arbitrator. If ’öne disputant shall neglect to appoint 
an arbitrator within 48 hours after notice in writing received from the other 
disputant of the appointment of arbitrator made by him, the acting President 
shall appoint the other arbitrator. 
(b) Such arbitrators shall before entering on the arbitration appoint another 
member of the Association as umpire, and in the event of the arbitrators 
beiDg unable to agree upon an award they shall refer the dispute to the 
umpire. If the arbitrators shall neglect to appoint an umpire within seren 
days from their appointment the acting President shall appoint an umpire. 
(c) The award of such arbitrators, or umpire (as the case may be) shall be final 
and binding on the parties unless within three clear days after receipt of the 
award and appeal with a fee of if?5 be lodged with the Secretary of the 
Association by either disputant. 
(d) Any Appeal shall be decided by the Committee of the Association or, in 
the discretion of the Committee, by a Council of Appeal consisting of not 
less than three nor more than five members of the Association, to be nomi- 
nated for the purpose by the acting President. At least 48 hours notice of 
hearing of the appeal shall be given by the Secretary to the disputants and 
to the arbitrators and umpire (if any) whose award is appealed against, and 
they and the authorized representatives of the disputants shall be at liberty 
to be present and state their views on the matter in dispute. The decision 
of a majority of the members present (not being less than three in number) 
forming the Committee or Council of Appeal shall be deemed to be the 
decision of the Committee or Council of Appeal, and their award shall be 
signed on their behalf by the acting President and shall be final and binding 
in all respects. 
(e) The fees for arbitration or appeal and award shall be paid by the losing 
party unless otherwise awarded.