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MEICHSNER v. VALENTINE GARDENS COOP., INC.

137 A.D.2d 797 (1988)

Maria Meichsner, Appellant, v. Valentine Gardens Cooperative, Inc., Respondent

Appellate Division of the Supreme Court of the State of New York, Second Department.

February 29, 1988

Ordered that the judgment is affirmed insofar as appealed from, with costs.

The imposition of a waiver of option fee upon outgoing shareholders who wish to sell their shares on the open market rather than resell them to the cooperative corporation at book value, as their agreement provided, is a valid exercise of a cooperative board's power as granted both by statute, the corporation's bylaws, and as interpreted in case...

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