CHAPTER FIVE

SETTLEMENT OF DISPUTES

Article  (50)

	By a decision of the Minister, a contesting committee shall be formed and headed by a deputy chairman of the state council including membership of two counselors from the state council to be chosen by its chairman, one senior official of the Authority to be chosen by its chairman and an expert to be chosen by the Minister.

Article  (51)

	The contesting committee specified in the preceding article, shall be responsible for the examination of complaints lodged by concerned parties against administrative decisions taken by the Minister or the Authority in pursuance to the provisions of this Law, its Executive Regulations and the related executive decrees.

	Unless otherwise specified by the provisions of this law, the time for administrative contest shall be within thirty days from the date of notification or knowledge of it.  

	The Executive Regulations shall specify the contesting procedure. The decision of the committee shall be final and enforceable. Appeals to the Court to revoke administrative decisions cannot be made before it is contested. 

Article  (52)

	All disputes arising from the implementation of this law in connection with dealings in securities shall be only adjudicated by means of arbitration.
	
	The Arbitration Council shall be formed by a decree by the Minister of Justice, and shall be presided by a deputy chairman of the Courts of Appeal. Members shall be two arbitrators, one for each party of the dispute. If there are several parties in the dispute, they will have to choose one arbitrator.

	Appeals to review the decisions of such a council shall be made to the competent Court of Appeal.

	In all cases, decisions of the Arbitration Council shall be final and enforceable, unless otherwise suspended by the court of appeal.

Article  (53)

	The chairman of the Arbitration Council shall, within ten days from the date the disputers having appointed their arbitrators, set the date and place for the session. The office of arbitration shall notify the disputers of the date and the place at least one week beforehand.   
	
Article  (54)

	The arbitration office shall use wireless and express registered mail as means of communications with the parties concerned.

Article  (55)

	The Arbitration Council shall examine the disputed case as soon as possible without being restricted by the regulations of the Civil and Commercial Procedure law except where it relates to the guarantees and basic principles of litigation and should conclude its decisions not exceeding 30 days.     

Article  (56) 

	If a party to the dispute fails to appear before the Arbitration Council after being advised of the time and the place of the session, the council of arbitration may give judgment on the case in absentia. 

Article  (57)

	The application for arbitration should indicate the names of the disputers, their legal counselors, name of the arbitrator on their behalf, the subject of dispute and requests of the plaintiff. Supporting documents should be attached to the request together with the receipt of payment of the arbitration fees.

Article  (58)

	An Arbitration Office shall be established at the Authority, with the responsibility of receiving and registering dispute applications.  The Office is to notify, within one week from the date of receiving the application, the other party by sending a copy of the application so that they may appoint an arbitrator within two weeks from the date of receipt. If such a period elapsed without notifying the office of the name, capacity and address of their appointed arbitrator, the Minister of Justice shall appoint an arbitrator on their behalf.

Article  (59)

	The arbitration fees shall be governed by the rules for judicial fees as per the civil articles, at a maximum of LE.100,000 (one hundred thousand).

Article  (60)

	The decision of the Arbitration Council shall be taken by majority votes.  

	The decision should be made in writing and should particularly include a brief of the statements of all the contesting parties and their documentation, reasons for arbitration judgment, text thereof, and the date and place of promulgation. The chairman and the secretary of the Arbitration Council shall sign the judgment, and have it filed at the Arbitration Office which shall notify the contesting parties of such filing. 

	The Arbitration Office shall provide the party to which the arbitration judgment was in its favor, with a copy of the judgment, with an attachment stating the wording for enforcement. 

Article  (61)

	All disputes relating to the enforcement of judgment should be brought in front of the Arbitration Council that promulgated it.

Article  (62)

	The Executive Regulations shall stipulate the rules governing the remuneration and expenses of arbitrators and the Contesting Committee members.