(a) Subject to the provisions of section 269.3(b), an agreement entered
into with a labor organization as the exclusive representative of employees
in a unit may contain a grievance procedure, applicable only to employees in
such unit and which shall be the exclusive means for a labor organization
and/or an employee to obtain resolution of a grievance arising under such
agreement.
(b) Grievance procedures established by a labor agreement may also include
provisions for arbitration of unresolved grievances by a tripartite panel
under the Voluntary Labor Arbitration Rules of the association with the
impartial arbitrator selected by the Bank and labor organization
representatives on the arbitration panel to be the Chairperson. In such
event, arbitration shall extend only to grievances which involve the
interpretation and application of specific provisions of a labor agreement
and not to any other matters or to changes in or proposed changes in the
agreement. Arbitration may only be invoked by a labor organization on behalf
of individual employees with their concurrence.
