PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 20 Arbitration of disputes

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 20

  (1)   The Reserve Bank may arrange for a dispute to which this Division applies to be settled by arbitration in accordance with this section. The Reserve Bank must only do so if:

  (a)   it considers that the dispute raises issues related to:

  (i)   the financial safety of payment systems for participants; or

  (ii)   the efficiency of payment systems; or

  (iii)   the competitiveness of payment systems; or

  (iv)   risk to the financial system; and

  (b)   the parties to the dispute agree to the Reserve Bank arranging the arbitration.

Note:   The Reserve Bank may be acting on its own initiative or in response to a request from one or more of the parties to the dispute in arranging for the arbitration.

  (2)   The arbitration is to be conducted by the Governor of the Reserve Bank, or by a person appointed in writing by the Governor for the purpose.

  (3)   The person conducting an arbitration is not subject to any action, claim or demand by, or liable to, any person in respect of anything done, or omitted to be done, in good faith in connection with the arbitration.

  (4)   The arbitration must be conducted in accordance with the regulations.

  (5)   The fact the dispute is being, or has been, settled by arbitration under this section does not prevent a party to the dispute from bringing an action in a court in connection with the dispute, unless the court otherwise orders.