The Court may hear and determine a dispute in the following cases—
(a) if it appears to the Court, upon the petition of any person concerned, that application has been made by either party to the dispute to the other party, for the purpose of having the dispute settled by arbitration under the rules of the society, and that the application has not within 40 days been complied with, or that the arbitrators have refused or for a period of 21 days have neglected to make any award;
(b) where the rules of the society direct disputes to be referred to the Court.