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(1) An arbitrator shall be a person appointed by the parties or by a person or institution acting under a power conferred by the parties and may be a person with the experience or qualification that the parties may agree on.

(2) A person without experience or qualification relevant to the subject of the dispute may be appointed an arbitrator if the parties so agree.

(3) A person of any nationality may be appointed an arbitrator unless otherwise determined by the parties.

(4) In appointing an arbitrator, the parties, the person or the institution vested with the power of appointment shall have regard to

(a) the personal, proprietary, fiduciary or financial interest of the arbitrator in the matter to which the arbitration relates;

(b) the relationship of the arbitrator to a party or counsel of a party to the arbitration;

(c) the nationalities of the parties; and

(d) other relevant considerations to ensure the appointment of an independent and an impartial arbitrator.

(5) A person appointed an arbitrator shall before acceptance, disclose to the parties or the appointing authority any information likely to affect the neutrality of the arbitration, particularly with regard to that arbitrator’s interest in any case involving the parties.