The employer and the employees concerned shall in good faith study the recommendations so prepared by the mediation board, and if either party to the dispute or grievance after such consideration of the recommendations feels that for some reason it cannot accept the recommendation, it shall notify the opposing party in writing and give reasons therefor. In such event either party to the dispute is entitled to ask the board of mediators for further consideration. Whenever further consideration is so requested, both parties to the dispute are bound to respond a second time as hereinbefore provided and the mediation board is privileged to exercise all of the powers with which it is clothed.