If a majority of those voting at the election provided for in section 7 of this act¹ shall have voted against the offer as made and if the offer made to the employer is likewise rejected, then it shall become the duty of the parties to the labor dispute to submit the labor dispute to an arbitrator or a board of arbitration, as may be provided for in any agreement between the parties to the labor dispute, or if no such arbitration is provided for, the labor dispute continuing, the Governor shall promptly appoint a board of arbitration composed of three members of the panel constituted in accordance with the provisions of this act to hear and determine such dispute. A new board shall be chosen by the Governor for each separate labor dispute but the same board may hear any number of issues or grievances which are involved in any one dispute between the public utility employer and its employes. Members of such board of arbitration shall be allowed reasonable compensation for their services and for their expenses in an amount to be fixed by the Governor. Such compensation and expenses, including all stenographic and other expenses in connection with such hearings and the making of a complete record thereof, shall be shared equally by the parties to the dispute.