Reference to Arbitration in case of dispute under section 39 or 40

(I) lf there is any dispute as to whether any compensation payable under section 39 or section 40, as the case may be, the matter shall be referred to a Board of Arbitration consisting of (i) a nominee of the Board, (ii) a nominee of the other party to the dispute, and (iii) a person who holds or has acted as, a Judicial Officer in the Proceedings not below the rank of an Additional District Judge to be appointed by the State Government, (2) The Board of Arbitration shall follow such procedure in the proceeding before it and follow such principles or apportioning the cost of proceedings as may be prescribed. (3) An appeal shall lie to the High Court against the award of the Board of Arbitration. (4) Save as provided in this section and any rules made there under, nothing in any law for the time being in force shall apply to the arbitrations under this section. (5) The State Government may make rules for the purpose of carrying into effect the provisions of this section.