State Codes and Statutes

Statutes > New-york > Rel > Article-2 > 23

§ 23. Action  against  directors  and officers for misconduct.  (a) An  action may be brought against one or more directors  or  officers  of  a  cooperative to procure a judgment for the following relief:    (1) To compel the defendant to account for his or her official conduct  in the following cases:    (i)  The  neglect of, or failure to perform, or other violation of his  or her duties in the management and disposition  of  cooperative  assets  committed to his or her charge.    (ii)  The  acquisition  by him or herself, transfer to others, loss or  waste of cooperative assets  due  to  any  neglect  of,  or  failure  to  perform, or other violation of his or her duties.    (2)  To  set  aside  an unlawful conveyance, assignment or transfer of  cooperative assets, where the transferee knew of its unlawfulness.    (3) To enjoin a proposed unlawful conveyance, assignment  or  transfer  of  cooperative  assets,  where  there are reasonable grounds for belief  that it will be made.    (b) An action may be brought for the relief provided in  this  section  and  in  subdivision  (a)  of section twenty-five of this article by the  attorney general, by the cooperative or, in the right of the cooperative  by any of the following:    (1) A director or officer of the cooperative.    (2) A receiver, trustee in bankruptcy, or judgment creditor thereof.    (3) By one or more of the members of the cooperative.

State Codes and Statutes

Statutes > New-york > Rel > Article-2 > 23

§ 23. Action  against  directors  and officers for misconduct.  (a) An  action may be brought against one or more directors  or  officers  of  a  cooperative to procure a judgment for the following relief:    (1) To compel the defendant to account for his or her official conduct  in the following cases:    (i)  The  neglect of, or failure to perform, or other violation of his  or her duties in the management and disposition  of  cooperative  assets  committed to his or her charge.    (ii)  The  acquisition  by him or herself, transfer to others, loss or  waste of cooperative assets  due  to  any  neglect  of,  or  failure  to  perform, or other violation of his or her duties.    (2)  To  set  aside  an unlawful conveyance, assignment or transfer of  cooperative assets, where the transferee knew of its unlawfulness.    (3) To enjoin a proposed unlawful conveyance, assignment  or  transfer  of  cooperative  assets,  where  there are reasonable grounds for belief  that it will be made.    (b) An action may be brought for the relief provided in  this  section  and  in  subdivision  (a)  of section twenty-five of this article by the  attorney general, by the cooperative or, in the right of the cooperative  by any of the following:    (1) A director or officer of the cooperative.    (2) A receiver, trustee in bankruptcy, or judgment creditor thereof.    (3) By one or more of the members of the cooperative.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Rel > Article-2 > 23

§ 23. Action  against  directors  and officers for misconduct.  (a) An  action may be brought against one or more directors  or  officers  of  a  cooperative to procure a judgment for the following relief:    (1) To compel the defendant to account for his or her official conduct  in the following cases:    (i)  The  neglect of, or failure to perform, or other violation of his  or her duties in the management and disposition  of  cooperative  assets  committed to his or her charge.    (ii)  The  acquisition  by him or herself, transfer to others, loss or  waste of cooperative assets  due  to  any  neglect  of,  or  failure  to  perform, or other violation of his or her duties.    (2)  To  set  aside  an unlawful conveyance, assignment or transfer of  cooperative assets, where the transferee knew of its unlawfulness.    (3) To enjoin a proposed unlawful conveyance, assignment  or  transfer  of  cooperative  assets,  where  there are reasonable grounds for belief  that it will be made.    (b) An action may be brought for the relief provided in  this  section  and  in  subdivision  (a)  of section twenty-five of this article by the  attorney general, by the cooperative or, in the right of the cooperative  by any of the following:    (1) A director or officer of the cooperative.    (2) A receiver, trustee in bankruptcy, or judgment creditor thereof.    (3) By one or more of the members of the cooperative.