N.Y. Bus. Corp. Law §717
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BCL — Duty of Directors
The director-duty standard for corporations, including housing cooperative boards: good faith and the care an ordinarily prudent person in a like position would use under similar circumstances. This is the statutory floor under co-op board conduct; New York case law (Levandusky v. One Fifth Avenue Apartment Corp.) applies business-judgment-rule deference to board decisions made in good faith within the board's authority.
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Governance
| Ref | Requirement |
|---|---|
| (a) | Co-op board members are held to the corporate standard — good faith plus ordinary prudence. |
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