Power of State Co-operative Bank to proceed

(1) The Registrar may, on receipt of the reference of dispute under section 72 (a) decide the dispute himself, or (b) transfer it for disposal to any person who has been invested by Government with powers of the Registrar in that behalf, or (c) refer it for disposal to one or more arbitrators to be appointed by the Registrar. (2) Where the reference relates to any dispute involving immovable property the Registrar or such person or arbitrator may order that any person be joined as a party who has acquired any interest in such property subsequent to the acquisition of interest therein by a party to the reference and any decision that may be passed on the reference by the Registrar or the person or the arbitrator aforesaid, shall be binding on the party so joined as if he were an original party to the reference. (3) The Registrar may withdraw any reference transferred under clause (b) of sub-section (1) or referred under clause (c) of that sub-section and decide it himself or refer the same to another arbitrator or such another person for decision. (4) The Registrar or such person or arbitrator to whom a dispute is referred for decision under this section may, pending the decision of the dispute, make such interlocutory orders as he may deem necessary in the interest of justice. (5) The Registrar or such person shall decide the dispute or the arbitrator shall pass an award, in accordance with the provisions of the Act and the rules and the bye-laws.