Section 3 On failure of one party to nominate arbiter, court may appoint.

Should one of the parties to an agreement to refer to two arbiters refuse to name an arbiter, in terms of the agreement, and should no provision have been made for carrying out the reference in that event, or should such provision have failed, an arbiter may be appointed by the court, on the application of the other party, and the arbiter so appointed shall have the same powers as if he had been duly nominated by the party so refusing.