Michigan Laws 454.201 – Builders and traders exchanges; incorporation, purposes
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Terms Used In Michigan Laws 454.201
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
That any number of persons, not less than 3, may associate themselves together and become incorporated as a builders or a builders and traders exchange for the purpose of providing and regulating suitable rooms or places of meeting; to promote mechanical and industrial interests, to inculcate just and equitable principles of trade, to establish and maintain uniformity in commercial usages, by rules and regulations; to acquire, preserve and disseminate valuable business information; to adjust differences and settle disputes between members, or between members and others; and for other purposes conducive to the interests of members thereof.