If the corporations cannot agree upon the stated periods at which the cars shall be so drawn, and the compensation to be paid therefor, or cannot agree upon the terms and conditions upon which accommodations shall be furnished for passengers and merchandise, the supreme court, upon application by either party, shall appoint three (3) commissioners, who, after due notice to and hearing the parties interested, shall determine, having reference to the convenience and interest of the corporations and of the public to be accommodated thereby, the stated periods for drawing cars, and compensation therefor, or the terms and conditions for passengers and merchandise, or the requisite terminal accommodations and manner of transferring passengers and freight, as aforesaid; and upon the application of either party, shall determine all questions between them in relation to the transportation of freight and passengers and other business upon and connected with the roads in which they are jointly interested, and the manner in which the business shall be done; and shall apportion to the corporations their respective shares of the expenses, receipts, and income of the same; and the award of the commissioners or a majority of them, when approved by the court, shall be binding upon the respective corporations interested therein for one year and until commissioners appointed in like manner, upon application of either party, shall revise and alter the award.