125.—(1) Save as otherwise required by or under this Act, this section applies to any dispute between a credit union and—

(a) a member of the credit union F359[in their capacity as a member];

(b) any former member of the credit union (in that capacity) who ceased to be a member of the credit union not more than six months previously;

(c) any person claiming through any such member or former member (in their capacity as such); or

(d) any person claiming under the rules of the credit union;

and references in subsections (2) to (5) to a dispute shall be construed accordingly.

(2) F359[Subject to subsection (5),] if a credit union's rules give directions as to the manner in which disputes are to be decided, every dispute to which the credit union is party shall be decided in that manner.

(3) F360[…]

(4) A decision made on a dispute as F359[mentioned in subsection (2)] shall be binding and conclusive on all parties without appeal; and—

(a) the decision shall not be removable into any court of law or restrainable by injunction; and

(b) application for the enforcement of the decision may be made to the District Court.

(5) Where the rules of a credit union contain no direction as to disputes, or where no decision is made on a dispute within 50 days after application to the credit union for a reference under its rules, any such person as is mentioned in paragraphs (a) to (d) of subsection (1) who is a party to the dispute may apply to the District Court which may hear and determine the matter in dispute.

(6) The jurisdiction of the District Court under this section shall be exercised by a Judge of the District Court for the district in which the registered office of the credit union is situated.

(7) Except in so far as the rules of a credit union expressly otherwise provide, any reference in any such rules to a dispute is a reference to a dispute to which this section applies.

(8) Nothing in this section (or in section 126) shall prevent—

(a) a credit union, or

(b) a member of a credit union, or

(c) any person claiming through or under a member of a credit union,

from obtaining in the ordinary course of law any remedy to which the credit union, member or person is entitled in respect of any contract, excluding that constituted by the rules of the credit union.