Mich. Comp. Laws § 454.205: Builders and traders exchanges; committees of reference and arbitration; committees of appeal.

Sec. 5.

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.