12. (1) Notwithstanding anything contained in any law for the time being in force or in the articles or memorandum of a registered trade organisation, no suit or other legal proceedings shall be instituted or commenced against such registered trade organisation or any member thereof or any member of the Executive Committee of such trade organisation questioning the validity or propriety of any act or proceeding of such trade organisation or of the Executive Committee or other body thereof, or the constitution of, or election or appointment to, such Committee or body, by any member of such trade organisation or by, or by any member of, any other trade organisation unless such member or other trade organisation has made an application, accompanied by such fee not less than one thousand
taka] as may be prescribed by rules, referring the matter to the Arbitration Tribunal constituted for the purpose of deciding such references by the Federation of Chambers of Commerce and Industry registered under the Act in pursuance of a licence and such Arbitration Tribunal has given its decision or award thereon.
(2) The Arbitration Tribunal constituted under sub-section (1) shall consist of not less than three and not more than five members appointed by the said Federation of Chambers of Commerce and Industry and shall conduct its proceedings and give its decision or award in accordance with the rules made in this behalf.
(3) Nothing in this section shall affect any suit or other legal proceedings instituted or commenced before the commencement of this Ordinance.