Civil Court of the City of New York December 12, 1985 (Nantista v. 130 West 86 Apartments Corp.)

OPINION OF THE COURT

Edward H. Lehner, J.

The main legal issue presented on this motion to dismiss and for summary judgment is whether the shareholders of a cooperative corporation may, by ratifying the board of directors’ prior ineffective resolution to enact a stock transfer fee (flip tax), retroactively impose the fee where the contract to assign the shares was entered into and board approval