27.—(1) The Board may from time to time make agreements in consequence of this Order with any public body (within the meaning of section 85(3) of the 2000 Act) with respect to—
(a)any property, income, rights or liabilities (so far as affected by this Order) of the parties to the agreement; or
(b)any financial relations between those parties.
(2) Such an agreement may provide—
(a)for the transfer or retention of any property, rights and liabilities, with or without conditions, and for joint use of any property;
(b)for the making of payments by any party to the agreement in respect of—
(i)property, rights and liabilities transferred or retained;
(ii)the joint use of any property; or
(iii)remuneration or compensation payable to any person.
(3) In default of agreement as to any disputed matter, the matter shall be referred to the arbitration of a single arbitrator agreed on by the parties or, in default of agreement, appointed by the Secretary of State; and the award of the arbitrator may make any provision which might be contained in an agreement under this article.
(4) In paragraph 3 “disputed matter” means any matter which might be the subject of provision contained in an agreement under this article.