(1)If on or in connection with any proposal or objection made or appeal brought with respect to the valuation list a question is raised whether any particular plant or machinery falls within any of the classes or descriptions specified in the statement for the time being having effect under section 21(4) of this Act, that question may, with the consent in writing of the parties to the proceedings, be referred by the valuation officer or court, as the case may be, to, and determined by, such member of a panel of referees constituted for the purposes of this section as may be agreed on by the parties or, in default of agreement, as may be selected in accordance with the rules hereinafter mentioned.
(2)The panel referred to in the foregoing subsection shall consist of persons appointed by the Lord Chief Justice of England, who may make rules—
(a)fixing the fees to be charged in respect of proceedings before a referee ; and
(b)with respect to the procedure on and in connection with references under this section ; and
(c)with respect to the selection of a referee in cases where the parties fail to agree as to the member of the panel to be appointed;
and provision may be made by the rules for applying to references under this section (subject to the express provisions thereof) any of the provisions of the [1950 c. 27.] Arbitration Act 1950, but except in so far as it may be so applied that Act shall not apply to such references.
(3)A referee under this section may, and if so required by any party to the reference shall, before making his award inspect the plant or machinery in respect of which the question arises, and the award of the referee shall be final and conclusive.