295.120. 1. In the event that management of a utility andthe representatives for collective bargaining purposes of anycraft or group of employees of such utility shall not havereached and executed a final agreement in writing as to allconditions of employment affecting such employees on or beforethe termination date of any existing contract, agreement orunderstanding or any renewal thereof, or unless the parties shallhave, before said date, agreed to submit any and all disputesbetween them to arbitration, the management of such utility andthe representatives of such employees shall, within five daysafter such termination date, each designate, in writing, a personas a public hearing panel member and file such designation withthe state board of mediation; the two persons so designated shallchoose a third disinterested and impartial person and these threeshall compose and act as a panel.
2. The panel shall promptly proceed and within fifteen daysfollowing their designation hold and complete public hearings onthe specific changes so requested, to the contract, agreement orunderstanding. Said period of fifteen days may be extended bythe mutual written consent of the parties. The panel shall giveto each party full notice and opportunity to be heard, but thefailure of either party to appear before the panel at the timeand place fixed by it shall not deprive the panel of jurisdictionto proceed to a hearing and to make report thereon as hereinprovided.
(L. 1947 V. I p. 358 ยง 14)