Article 56

An Arbitration Committee shall be established, by a resolution of the Exchange Board and shall be presided over by a judge to be nominated by the Minister of Justice and Islamic Affairs and two members, one of whom must not be a member of the Board. The Committee shall adjudicate on all disputes relating to transactions carried out on the Exchange. Dealing on the Exchange shall be deemed to be an admission of acceptance of arbitration.

Decisions taken by the Committee shall be binding on both parties, in accordance with the provisions of Article 13 of the Law. The Board shall decide on the remuneration of the members in each arbitration.

Article 57

The Control and Investigation Unit shall receive the arbitration petition submitted to the Exchange by one of the parties to the transaction, subject to arbitration committee jurisdiction, after payment of the prescribed fee in full.

Article 58

The arbitration petition referred to in the preceding Article shall be registered upon receipt in a special register with serial numbers, commencing on the first day of the Gregorian year and ending on the last day thereof. The original petition must be filed with the fee receipt in a special record.

Article 59

The petition shall contain the name, profession, domicile, place of residence, name of principals if the parties are employed by other persons, the relief claimed, and items of evidence establishing the claim. A copy of all supporting documents must be attached and accompanied by a memorandum explaining the dispute.

Article 60

The Control and Investigation Unit shall submit the arbitration petition, upon receipt, to the Chairman of the arbitration committee, in order to fix a date for hearing the dispute. The Unit shall notify all parties of the date of the hearing, along with a copy of the arbitration petition.

Article 61

All documents relating to the arbitration and notices affected by the Control and Investigation Unit shall be sent by registered mail.

Article 62

On the day the dispute is heard, the parties shall be in attendance in person, or be represented by their respective representatives. In the event of non-appearance of one of the parties, the committee shall, if summons was duly served, proceed to issue the decision in his absence.

Article 63

The committee shall decide on the dispute heard by it within a period not exceeding three months.

Article 64

The arbitration committee shall, if required, undertake investigation in disputes heard by it, or may authorize one of its members, or one of the members of the Control and Investigation Unit of the Exchange to carry out the investigation.

Article 65

The arbitration committee shall make its decision on disputes heard before it, based on the evidence produced by the parties, and subject to the rules applicable at the Bahrain Stock Exchange. The decision shall be executed in accordance with the provisions of the Civil Procedure Law, as amended.

Article 66

Disputes shall cease before the arbitration committee, for the same reasons provided in the Civil Procedure Law, as amended, and shall have the same effect legally resulting from the cessation of the dispute.

Article 67

Where in any hearing by the arbitration committee any question arises which is not within the jurisdiction of the committee, or a claim of forgery of any document is raised, or any criminal proceedings have been taken due to such forgery, the committee shall suspend its work pending the issue of final judgement thereon.

Article 68

Deliberations on the decision shall be confidential, and no person besides the member of the committee who attended the session hearings shall be entitled to participate. Decisions shall be adopted by majority vote. The decision shall be valid if signed by the majority of the members.

Article 69

The decision passed by the arbitration committee shall be in writing, and shall contain in particular, statements and documents of the parties, the reasons for the decision, and date and place of the decision. The decision shall be signed by the arbitrators. However, the decision shall be valid if signed by the majority of the arbitrators.

Article 70

The Control and Investigation Unit shall file the original decision of the arbitration committee and its attachments with the Court Clerks Section, within three days from the date of announcement. The parties shall be notified of such filing.

Article 71

The concerned party may apply to the Chairman of the competent court to obtain a copy of the arbitration committee decision, accompanied by an execution order.

Article 72

The parties may, regardless of the situation of their dispute, apply to the arbitration committee to enter on the record any agreed settlement or other mutual agreement reached by them, to be signed by them or by their representatives. The written agreement shall, in this case, be attached to the committee record and the contents of the agreement shall be entered on the record. And the hearing shall, after the approval of the committee, have the decision issued by the committee.