s 40 Payment of compensation for transferred properties
40.—(1) The Board must pay to —(a) the Housing and Urban Development Company for the estates and interests in the lands vested in the Board under section 39(1)(a) such compensation as may be agreed between the Board and the Housing and Urban Development Company; and (b) the Jurong Town Corporation for the estates and interests in the lands vested in the Board under section 39(1)(b) such compensation as may be agreed between the Board and the Jurong Town Corporation. (2) Any dispute between the Board and the Housing and Urban Development Company or the Jurong Town Corporation as to the compensation to be paid under subsection (1) must be referred to an arbitrator to be appointed by the Minister and the decision of the arbitrator is final and binding on the parties.[34