State Act

The Maharashtra Non-trading Corporations Act

41. Power for corporations to refer matters to arbitration.— (1) A corporation may by written agreement refer to arbitration, in accordance with the Arbitration Act, 19401 (X of 1940), an existing or future difference between itself and any other corporation or person. (2) A corporation which is a party to an arbitration may delegate to the arbitrator power to settle any terms or to determine any matter, capable of being lawfully settled or determined by the corporation itself, or by its Board of directors. (3) The provisions of the Arbitration Act, 19401 (X of 1940), shall apply to all arbitrations in pursuance of this Act to which a corporation is a party.