Michigan Laws 454.205 – Builders and traders exchanges; committees of reference and arbitration; committees of appeal
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Terms Used In Michigan Laws 454.205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Said corporation may constitute and appoint committees of reference and arbitration, and committees of appeals, who shall be governed by such rules and regulations as may be prescribed in the by-laws for the settlement and adjustment of such matters of difference as may be voluntarily submitted for arbitration by members or others.