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(1)A judge of the Commercial Court or an official referee may, if in all the circumstances he thinks fit, accept appointment as a sole arbitrator or as umpire by or by virtue of an arbitration agreement.
(2)A judge of the Commercial Court shall not do so unless the Lord Chief Justice has informed him that, having regard to the state of business in the High Court and the Crown Court, he can be made available.
(3)An official referee shall not do so unless the Lord Chief Justice has informed him that, having regard to the state of official referees’ business, he can be made available.
(4)The fees payable for the services of a judge of the Commercial Court or official referee as arbitrator or umpire shall be taken in the High Court.
(5)In this section—
“arbitration agreement” has the same meaning as in Part I; and
(6)The provisions of Part I of this Act apply to arbitration before a person appointed under this section with the modifications specified in Schedule 2.