(1) Notwithstanding anything contained in the Limitation Act, 1963 (36 of 1963), but subject to the specific provisions made in this Act, the period of limitation in the case of a dispute referred to arbitration shall,
(a) when the dispute relates to the recovery of any sum including interest thereon due to a multi- State co-operative society by a member thereof, be computed from the date on which such member dies or ceases to be a member of the society;
(b) save as otherwise provided in clause (c), when the dispute relates to any act or omission on the part of any of the parties referred to in clause (b) or clause (c) or clause (d) of subsection (1) of section 84, be six years from the date on which the act or omission, with reference to which the dispute arose, took place;
(c) when the dispute is in respect of an election of an officer of a multi-State co-operativesociety, be one month from the date of the declaration of the result of the election.
(2) The period of limitation in the case of any dispute, except those mentioned in sub-section (1), which are required to be referred to arbitration shall be regulated by the provisions of the Limitation Act, 1963 (36 of 1963), as if the dispute were a suit and the arbitrator a civil court.
(3) Notwithstanding anything contained in sub-sections (1) and (2), the arbitrator may admit a dispute after the expiry of the period of limitation, if the applicant satisfies the arbitrator that he had sufficient cause for not referring the dispute within such period.