Section 27

The Price Review Committee for the purpose of any reference under section 26(5) shall consist of such person or persons as the company and the Collector may agree at the time of the reference.

Failing such agreement the company and the Collector shall each have the right to appoint one member of the Committee. If either the company or the Collector fails to exercise this right within 30 days of the date of the reference, an appointment on its or his behalf, as the case may be, shall be made at the request of either party by the President of the Institute of

Petroleum, London.

The two members thus appointed shall within 30 days after their appointment jointly appoint a third member who shall be Chairman of the

Committee. If the first two members are unable to agree upon the appointment of the Chairman within the period of 30 days, the Chairman shall be appointed at the request of either party by the President of the

Institute of Petroleum, London.

The Committee shall make such rules governing the conduct of any reference to it as it shall think fit.

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Any discretion vested in the Committee by this section may be exercised by a majority of the Committee or failing a majority by the

Chairman.

If the Committee is not satisfied that the price of any petroleum sold or disposed of as stated in the return made by the company in respect of the basis period in question under section 19 is as high as the price referred to in section 8(1) and (2), then it shall determine the price in such higher amount as it considers appropriate. If it is so satisfied, then it shall confirm the price in the amount so stated by the company.

If the company has made no return in respect of the basis period in question, the Committee shall determine the price in such amount as it considers appropriate.

The Committee shall make such order as it thinks fit as to the whole or any part of the costs of any reference to it.