*Arbitration (Orissa Amendment) Act, 1994**
| [Orissa Act No. 8 of 1994] | [28th April, 1994] |
An Act further to Amend the Arbitration Act, 1940 in its Application to the State of Orissa.
Be it enacted by the Legislature of the State of Orissa in the Forty-fifth Year of the Republic of Indian follows:-
* For the Bill see Orissa Gazette, Extraordinary, dated the 29th April, 1994.
** [Received the assent of the Governor on the 28th April, 1994, first published in as extraordinary issue of the Orissa Gazette, dated the 29th April, 1994]
1. Short title.- This Act may be called the Arbitration (Orissa Amendment) Act, 1994.
2. Amendment of Section 41-A.- In the Arbitration Act, 1940 to sub-section (1) of section 41-A, the following proviso and Explanation shall be added, namely:-
"Provided that the State Government may, by notification, exempt from the operation of this sub-section any arbitration agreement to which a Company incorparated outside India or a subsidiary thereof which is incorporated in India is a party, if the Government is satisfied that:-
(i) such party to the agreement has expressly agreed to adjudication of the dispute by arbitration conducted in accordance with the arbitration rules of the United Nation's Commission on International Trade Law; and
(ii) any of the authorities specified in this sub-section being a party to such agreement has, in the public interest, agreed to such a condition of adjudication;
and, in every case where such exemption is made, the notification, shall as so on as if it published in the Gazette, be laid before the Legislative Assembly for a total period of fourteen days which may comprise in one or more sessions.
Explanation-For the purposes of this sub-section,-
(a) ‘Company’ includes anybody corporate; and
(b) ‘Subsidiary’ means a subsidiary company within the meaning of section 4 of the Companies Act, 1956 (1 of 1956)".