(1) The Mandal shall in accordance with regulations made in that behalf-
(a) out of lands set apart or purchased for the benefit of landless persons under section 24 lease any land to any landless person or group of landless persons [who have filed declarations undertaking to join the Gramdan community under sub-section (3) of section 5] (preferably to a co-operative farming society of such landless persons registered or deemed to be registered under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961)) for personal cultivation,
(b) lease the remaining lands to their former owners.
(2) any person aggrieved by any proposed lease under this section may make an application to the Gram Mandal to that effect ; and the Mandal shall, on receipt of such application, refer the matter for arbitration to an Arbitration Board constituted under sub-section (3).
(3) The Arbitration Board shall consist of three persons one to be nominated by each party, and the third to be appointed jointly by the Applicant and the Mandal; and if there is disagreement as regards the appointment of the third arbitrator, then, he shall be appointed by the Collector.
(4) The Arbitration Board shall regulate its own procedure.
(5) The decision of the Arbitration Board shall be final and binding on the parties.