The board of arbitrators shall be composed of two disinterested persons, residents of the municipality, one of whom shall be appointed by the appellant and one by the building inspector. If such arbitrators cannot agree, a third member shall be chosen by them. On failure to agree as to such third member, he or she shall be appointed by a Superior judge. A decision of a majority of the board of arbitrators thus composed, when reduced to writing, sworn to, and filed in the inspector's office, shall be final and conclusive upon the parties. Upon the filing of such decision, work may be immediately resumed in accordance therewith. The expense of such arbitration shall be paid by the appellant. (Amended 1965, No. 194, § 10, operative Feb. 1, 1967.)