Cap. 387 Art. 15BArbitration clause in foundation statutes.

(1) It shall be lawful for a founder to insert an arbitration clause in a foundation statute when creating the foundation or by subsequent amendment if he has the power to amend the statute. In such event such clause shall be binding on all administrators, protectors, members of a supervisory council, and beneficiaries, if any, under the foundation in relation to all matters arising under or

(2) The provisions of sub-article (1) shall not prejudice the right of a party to seek directions from the Civil Court (Voluntary Jurisdiction Section) in terms of the Second Schedule to the Civil

Code and the right of the party shall not be limited by any such clause. Notwithstanding the provisions of this Act, the said Court shall not be bound to stay proceedings in terms of article 15(3) or otherwise, but shall enjoy a discretion to do so until such time as it determines that the matter is of a contentious nature, in which case it shall stay the proceedings and shall refer the parties to arbitration.