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MATTER OF HERBERT H. LEHMAN COLLEGE FOUNDATION, INC. v. FERNANDEZ

292 A.D.2d 227 (2002)

739 N.Y.S.2d 375

In the Matter of HERBERT H. LEHMAN COLLEGE FOUNDATION, INC., Respondent, v. RICARDO R. FERNANDEZ et al., Appellants.

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

Decided March 14, 2002.

The IAS court erred in holding that the amendments to the Foundation's bylaws, like certain agreements between shareholders in closely held corporations, "may overcome the presumption that the certificate of incorporation controls over any contradictory corporate document" (citing Zion v Kurtz, 50 N.Y.2d 92). The analogy between not-for-profit corporations and closely held corporations...

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