4(1)Matters referred to arbitration under section 3 shall be heard by an arbitration board, which shall be composed of three members, one appointed by the board, one appointed by the processor and the third, who shall be chairperson, appointed
(a)
by the other two members of the arbitration board, or
(b)
if the other two members fail to agree on the third member, by the Commission.
4(2)If a party fails to appoint a member to the arbitration board within five days after being requested by the Commission to do so, the Commission may appoint a member on behalf of that party.