Arbitration of price paid to licensee forced out of business--Maximum price and inventory

If the parties referred to in § 35-3-15 agree to arbitration, the board of arbitration shall consist of one arbitrator to be selected by the municipality, one selected by the former licensee, and a third selected by both of the selected arbitrators. The determination of any arbitrators shall govern. However, no municipality as defined in § 35-3-6 is bound to purchase any fixtures, equipment, or stock acquired by any former licensee after the filing of the petition submitting the question specified in §