Arbitration between companies and others

(1) A company may, by writing under its common seal, agree to refer and may refer to arbitration any existing or future difference between itself and any other company or person. (2) Companies parties to the arbitration may delegate to the arbitrator power to settle any terms or to determine any matter capable of being lawfully settled or determined by the companies themselves, or by their directors or other managing body. (3) Rules of the Supreme Court relating to arbitration shall apply to arbitrations between companies and persons in pursuance of this Act.