Arbitration.

139. Whenever any difference arises between the Company on the one hand and any of the members, their executors, administrators, or assigns on the other hand, touching the true intent or construction or the incidents or consequences of these presents, or of the statute, or page 22 touching any tiling then or thereafter done, executed, omitted, or suffered in pursuance of these presents or of the statute, or touching any breach or alleged breach of these presents, or any claim on account of any such breach, or alleged breach, or otherwise, relating to the premises or to these presents, or to the statute, or to any of the affairs of the Company every such difference shall be referred to the decision of an arbitrator to be appointed by the parties in difference, or if they cannot agree upon a single arbitrator, to the decision of two arbitrators, of whom shall be appointed by each of the parties in difference, or an umpire to be appointed by the two arbitrators.

140. The costs of and incident to any such reference shall be in the discretion of the arbitrator, arbitrators, or umpire respectively, who may determine the amount thereof, or direct the same to be taxed as between solicitor and client, or otherwise, and may award by whom and to whom and in what manner the same shall be borne and paid.

141. The submission to arbitration shall be subject to the provisions of the "Supreme Court Practice and Procedure Amendment Act, 1866," or any then subsisting statutory modification thereof and shall be made a rule or order of the Supreme Court of New Zealand upon the application of either party, and such party may instruct counsel to consent thereto for the other parties.