Section 1882 - Disagreements as to Price(a) If the parties fail to agree upon the purchase price for the offered interest within the time specified in Section 1881.5(b) of this subchapter, either party may invoke the arbitration provisions of Section 3647 of the Public Resources Code, and such arbitration shall be governed by the procedures described therein and in this section.(b) The person or persons electing arbitration shall file notice of the election in writing to the Supervisor within 5 calendar days of the expiration of the negotiation period provided in Section 1881.5(b) of this subchapter.(c) Upon receipt of the notice provided in subsection (b) of this section, the Supervisor shall: (1) Authorize the creation of an arbitration committee and direct that the committee act in accordance with the provisions of Section 3647 of the Public Resources Code.(2) Designate one committee member to act as chairperson and direct the committee to make an independent appraisal of the interest offered for sale.(3) Fix a date no later than 60 days after the date of receipt of the notice under subsection (b) of this section on or prior to which the committee shall submit to the Supervisor its determination of the fair market value of the interest offered for sale and a report summarizing the basis for that value. Such 60-day period may be extended by the Supervisor for one additional period of 30 days.(d) Notice of the Supervisor's action under subsection (c) of this section shall be sent to the parties and the unit operator.(e) Upon receipt of the determination of the fair market value and the report of the committee, the Supervisor shall send to the parties and the unit operator notice of the price at which the offered interest shall be purchased. Subject to the provisions for judicial review contained in Section 3647 of the Public Resources Code, the parties shall finalize the sale agreement and shall file the sale agreement with the Supervisor within 15 days after receipt of the Supervisor's notice of the price.Cal. Code Regs. Tit. 14, § 1882
1. Repealer and new section filed 10-7-82; effective thirtieth day thereafter (Register 82, No. 41).
2. Change without regulatory effect amending subsections (b), (c), (c)(3), (d) and (e) filed 12-26-2006 pursuant to section 100, title 1, California Code of Regulations (Register 2006, No. 52). Note: Authority cited: Section 3685, Public Resources Code. Reference: Section 3647, Public Resources Code.
1. Repealer and new section filed 10-7-82; effective thirtieth day thereafter (Register 82, No. 41).
2. Change without regulatory effect amending subsections (b), (c), (c)(3), (d) and (e) filed 12-26-2006 pursuant to section 100, title 1, California Code of Regulations (Register 2006, No. 52).