On receipt of a reference under sub-section (1) of section 70, the Registrar may, subject to the provisions of the rules, if any-
(a) decide the dispute himself ; or
(b) refer it for decision to an arbitrator appointed by him; or
(c) refer it, if the parties so request in writing, for decision to a board of arbitrators consisting of three persons to be appointed in the prescribed manner.
(2) The Registrar may, for reasons to be recorded withdraw any reference made under clause (b) or (c) or sub-section (1) and refer it to another arbitrator or board of arbitrators or decide it himself.
(3) The Registrar, the arbitrator or the board of arbitrators, to whom a dispute is referred for decision under this section may, pending the decision of the dispute make such interlocutory orders including attachment of property as he or they may deem necessary in the interest of justice.
(4) The decision given by the Registrar, the arbitrator or the board of arbitrators under this section shall hereinafter be termed as award.
(5) The procedure to be followed by the Registrar, the arbitrator or the board of arbitrators in deciding a dispute and making an award under this section shall be as may be prescribed.