(1)(a) The judges of the Business and Chancery Court shall elect a presiding judge from among the members of the court by majority vote of all judges.

     (1)(b) The presiding judge shall receive $2,000 per annum as additional compensation for the period served as presiding judge.

     (2)(a) implementing policies of the Judicial Council; and

     (2)(b) exercising powers and performing administrative duties as authorized by the Judicial Council.

     (3)(a) If the Business and Chancery Court has more than two judges, the judges of the Business and Chancery Court may elect an associate presiding judge from among the members of the court by majority vote of all judges.

     (3)(b) The associate presiding judge shall receive $1,000 per annum as additional compensation for the period served as associate presiding judge.

     (4)(a) When the presiding judge is unavailable, the associate presiding judge shall assume the responsibilities of the presiding judge.

     (4)(b) The associate presiding judge shall perform other duties assigned by the presiding judge.