Where the rules of a society direct disputes to be referred to arbitration the following provisions shall apply—
(a) the arbitrators shall be named and elected in the manner provided by the rules or, if there be no such provision, at the first general meeting of the society;
(b) none of the arbitrators shall be persons who are beneficially interested, directly or indirectly, in the funds of the society;
(c) not less than 3 arbitrators shall be chosen by ballot in each case of dispute, the number of arbitrators and the mode of ballot being determined by the rules of the society;
(d) the names of the arbitrators shall be duly entered in the minute book of the society, and in the case of death or refusal or neglect of any of the arbitrators to act, the society, at a general meeting, shall name and elect an arbitrator to act in the place of the arbitrator dying, refusing or neglecting to act;
(e) whatever awards shall be made by the arbitrators or the major part of them, according to the true purport and meaning of the rules of the society, shall determine the dispute.