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8.—(1) If agreement as to the draft statement of terms and upset price is not reached among the participating owners and the General Trustees within a period of three months commencing from the latest response date, a participating owner or the General Trustees may, subject to paragraph (2), refer the draft statement of terms and the draft upset price to the arbiter to be appointed by the sheriff.
(2) Any referral to an arbiter by virtue of paragraph (1) must be made within a period of one year after the latest response date.
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