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MATTER OF WALKER v. MORNINGSIDE HEIGHTS HOUSING CORPORATION

257 A.D.2d 368 (1999)

683 N.Y.S.2d 236

In the Matter of CORA T. WALKER, Appellant, v. MORNINGSIDE HEIGHTS HOUSING CORPORATION, Respondent.

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

Decided January 5, 1999.

The IAS Court properly concluded that the business judgment rule precludes judicial review of the rationale underlying respondent's House Rule 43 governing the transferability of shares of cooperative corporation stock. Where, as here, "the board acts for the purposes of the cooperative, within the scope of its authority and in good faith, courts will not substitute their judgment for the board's" (Matter of Levandusky v One Fifth Ave. Corp., 75 N...

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