The Collector, on the completion of the enquiry allowed by the last preceding section, shall allow the parties the option of making a private partition of the estate and allotment of the public revenue amongst themselves, within such time as he may fix, or, if the parties shall not consent to make a private partition of the estate, or shall fail to make such partition within the time fixed by the Collector, the Collector shall call upon them to state whether they are willing to refer the partition of the estate, and the apportionment of the public revenue, to an arbitrator or arbitrators to be appointed by them.
     The Collector may also offer the parties the option of referring any point arising in the course of a partition to arbitration.
     The partition and allotment of the public revenue made by the parties, or by arbitrators appointed by them, shall be subject to the confirmation of the Collector, and the orders of the superior Revenue-authorities.