(1)For the purpose of determining disputes as to the payment of compensation under this Act in respect of the requisition or acquisition of vessels or the taking of space or accommodation therein, there shall be a Shipping Claims Tribunal (hereinafter referred to as " the Shipping Tribunal "), consisting of a president and two other members appointed by the Lord Chancellor.
(2)The president and one of the other members of the Shipping Tribunal shall be respectively members of the legal profession who appear to the Lord Chancellor to have a special knowledge of commercial and admiralty law; and the third member of the Tribunal shall be a person appearing to the Lord Chancellor to have special qualifications as an average adjuster or accountant.
(3)For the purpose of determining disputes as to the payment of compensation under this Act, other than disputes which by virtue of the preceding provisions of this Act are to be determined by the Shipping Tribunal, there shall be a General Claims Tribunal (hereinafter referred to as " the General Tribunal "), consisting of not less than seven persons appointed by the Lord Chancellor (including a judge of the High Court), together with a judge of the Court of Session appointed by the Lord President of the Court of Session and a judge of the High Court of Justice in Northern Ireland appointed by the Lord Chief Justice of Northern Ireland.
(4)The General Tribunal may sit in several divisions, so, however, that no division shall consist of less than three members of the Tribunal.
(5)There shall be paid out of moneys provided by Parliament—
(a)to any member of a tribunal constituted under this Act such remuneration (if any) as the Lord Chancellor, with the approval of the Treasury, may determine in his case, and
(b)the amounts necessary to defray such expenses of the tribunals constituted under this Act as the Lord Chancellor and the Treasury may approve.