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  5. 66 N.Y.2d 556 (1985)
 

FE BLAND v. TWO TREES MGT CO

66 N.Y.2d 556 (1985)

Dan Fe Bland, Respondent, v. Two Trees Management Co. et al., Appellants. 330 West End Apartment Corporation, Appellant, v. Thomas E. Kelly, Respondent.

Court of Appeals of the State of New York.

Decided December 19, 1985.

Attorney(s) appearing for the Case

Kenneth G. Schwarz and Barry M. Schreibman for appellants in the first above-entitled action.

Leonard R. Berson for respondent in the first above-entitled action.

Martin E. Karlinsky and Robert P. Stein for appellant in the second above-entitled action.

David S. J. Neufeld for respondent in the second above-entitled action.

Richard Siegler for Plaza 400 Owners Corp., amicus curiae in the second above-entitled action.

Chief Judge WACHTLER and Judges JASEN, SIMONS and TITONE concur; Judges KAYE and ALEXANDER taking no part.

MEYER, J.

A fee on the transfer of shares in a cooperative apartment corporation (commonly called a "flip tax") may not be imposed by the corporation's board of directors, when the bylaws of the corporation authorize the board to impose on such a transfer and assignment only "a reasonable fee to cover actual expenses and attorneys' fees of the Corporation, a service fee of the Corporation and such other conditions...

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