Within sixty days after this act becomes effective, the Governor shall appoint a panel of arbitration consisting of twelve persons selected from a roster of recommendations received from a Labor-Management Advisory Committee appointed by him and having thereon equal representation from labor and management. The number and terms of the members of said Advisory Committee shall be fixed by the Governor. The Governor shall keep such panel, revised at all times and available for services, under the provisions of this act. Each person appointed on said panel shall be a resident of the Commonwealth of Pennsylvania possessing, in the judgment of the Governor, the requisite experience and judgment to qualify him to capably and fairly deal with labor dispute problems. Appointments on the panel of arbitration shall be made without consideration of political affiliation. Each appointee shall take an oath or affirmation to perform honestly and to the best of his ability the duties of arbitrator. Any appointee may be removed by the Governor at any time or may resign his position at any time by notice in writing to the Governor. Any vacancy on the panel shall be filled by the Governor within thirty days after the vacancy occurs. Arbitrators shall receive no compensation except for their services as such, as hereinafter provided in this act.