Us Code § 220529 - Arbitration of corporation determinations
Full text of Us Code United States Code § 220529 — Arbitration of corporation determinations, with citation guidance and answers to common questions.
§ 220529. Arbitration of corporation determinations
(a)
(b)
(2) On receipt of a demand for arbitration, the Association shall serve notice on the parties to the arbitration and on the corporation, and shall immediately proceed with arbitration according to the commercial rules of the Association in effect at the time the demand is filed, except that—
(A) the arbitration panel shall consist of at least 3 arbitrators, unless the parties to the proceeding agree to a lesser number;
(B) the arbitration hearing shall take place at a site selected by the Association, unless the parties to the proceeding agree to the use of another site; and
(C) the arbitration hearing shall be open to the public.
(3) A decision by the arbitrators shall be by majority vote unless the concurrence of all arbitrators is expressly required by the contesting parties.
(4) Each party may be represented by counsel or by any other authorized representative at the arbitration proceeding.
(5) The parties may offer any evidence they desire and shall produce any additional evidence the arbitrators believe is necessary to an understanding and determination of the dispute. The arbitrators shall be the sole judges of the relevancy and materiality of the evidence offered. Conformity to legal rules of evidence is not necessary.
(c)
(d)
(e)
(2) If the reopening is based on the motion of a party, and if the reopening would result in the arbitrators' decision being delayed beyond the specific period agreed to at the beginning of the arbitration proceedings, all parties to the decision must agree to reopen the hearings.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1478; Pub. L. 116–189, §7(e), Oct. 30, 2020, 134 Stat. 960.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 220529(a) | 36:395(c)(1) (1st sentence). | Sept. 21, 1950, ch. 975, title II, §205(c), as added Nov. 8, 1978, Pub. L. 95–606, §2, 92 Stat. 3057. |
| 220529(b)(1) | 36:395(c)(1) (2d sentence). | |
| 220529(b)(2) | 36:395(c)(1) (last sentence). | |
| 220529(b)(3) | 36:395(c)(4). | |
| 220529(b)(4) | 36:395(c)(3) (1st sentence). | |
| 220529(b)(5) | 36:395(c)(3) (2d, last sentences). | |
| 220529(c) | 36:395(c)(2). | |
| 220529(d) | 36:395(c)(5). | |
| 220529(e) | 36:395(c)(6). |
In subsection (a), the reference to 36:391(c) is omitted because 36:391(c) is omitted as executed. See the revision note for section 220522 of the revised title. The words "may obtain review by" are substituted for "The right to review . . . shall be to" for clarity.
In subsection (b)(2)(A) and (B), the word "mutually" is omitted as unnecessary.
In subsection (b)(4), the word "duly" is omitted as unnecessary.
In subsection (c), the words "in any arbitration", "the provisions of", "mutually", and "to the proceeding" are omitted as unnecessary.
In subsection (d), the word "involved" is omitted as unnecessary.
In subsection (e), the word "contesting" is omitted as unnecessary.
In subsection (e)(2), the words "the reopening is based on the motion of a party" are substituted for "any contesting party makes such a motion" for clarity.
Editorial Notes
Amendments
2020—Subsec. (a). Pub. L. 116–189 substituted "the arbitration and mediation provider designated by the corporation under section 220522(a)(4)" for "any regional office of the American Arbitration Association".
About This Section
36 U.S.C. § 220529 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 36 U.S.C. § 220529. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.