Arbitration tribunal

(1) The foundation charter or by-laws of a foundation may– (a) provide that any controversy arising in respect of the foundation shall be resolved by (b) make provision for the arbitration procedure that should be followed; and (c) stipulate that, to the extent specified, the arbitration tribunal shall interpret such foundation charter and by-laws according to their terms and to the principles of civil law, without regard to the principles of common law and equity otherwise applicable thereto. (2) Subject to any specific provisions in the foundation charter or by-laws of a foundation, any reference in this Act to “Court” shall be construed to include a reference to the arbitration tribunal within or outside Belize provided for in the foundation charter and by-laws of the foundation.