Reference to arbitration in certain cases

(1) The magistrate may, with the consent of both parties to an action, order the action, with or without other matters within the jurisdiction of the court in dispute between the parties, to be referred to arbitration to the person or persons, and in the manner, and on the terms he thinks reasonable and just. (2) Subject to subsections (3) and (4) of this section, the reference shall not be revocable by either party except with the leave of the magistrate, and the award of the arbitrator or arbitrators, or of the umpire, as the case may be, shall be entered as the judgment in the action, and shall be as binding and effectual to all intents as if given by the magistrate. (3) The magistrate may, if he thinks fit, with the consent of both parties, set aside any award given as stated in subsection (2) of this section, or revoke the reference, or order another 16 reference to be made in the manner mentioned in subsection (1) of this section. (4) It shall be competent for either party to appeal from any award entered as the judgment of the court, as in the case of a judgment given by the magistrate.