The validity of an arbitration clause inserted in the articles of association must be assessed in the abstract, having regard to its purpose of enduring over time, and with regard to the independence and reliability of the appointed arbitrator rather than to the capacity of the person entrusted with the appointment.
The party challenging the validity of a statutory arbitration clause on the ground of alleged lack of impartiality of the person called upon to appoint the arbitrator retains, in any event, pursuant to Article 815 of the Code of Civil Procedure, the right to challenge arbitrators who lack the requisites of independence and impartiality.
The arbitration clause provided for in the articles of association of a joint-stock company for the resolution of disputes between members constitutes a legitimate instrument placed for the protection of the corporate interest.
The statutory provision suspending the effectiveness of a member's withdrawal pending a challenge to its legitimacy in arbitral proceedings does not in itself constitute prejudice to the withdrawing member, inasmuch as the member retains until service of the arbitral award both the duties and the rights deriving from the status of member, with a consequent advantage in terms of certainty of corporate legal relationships.