(1) If the several parties concerned in a boundary dispute agree to submit the settlement thereof to arbitration and make an application to that effect in writing, the officer whose duty it would otherwise be to determine the boundary, shall require the said parties to nominate a sole arbitrator or an arbitration committee of three persons, within the specified time, and if within a period to be fixed by the said officer, the sole arbitrator or the arbitration committee so nominated or a majority of the members thereof arrive at a decision, such decision, when confirmed by the said officer, or if the said officer be a Survey Officer lower in rank than a 1[Joint Director of Land Records]1, by the 1[Joint Director of Land Records]1, shall be final:
Provided that the said officer, or the 1[Joint Director of Land Records]1, shall have the power to remit the award or any of the matters referred to arbitration, to the reconsideration of the arbitrator or the committee, as the case may be, for any of the causes set forth in section 16 of the Arbitration Act, 1940 (Central Act 10 of 1940).
(2) If the sole arbitrator or the arbitration committee fail to effect a settlement of the dispute within the time specified, the officer aforesaid or if the officer is a Survey Officer lower in rank than a 1[Joint Director of Land Records]1, the 1[Joint Director of Land Records]1 may either extend the time or settle the dispute as otherwise provided in this Act.