In Matter of Levandusky v. One Fifth Ave. Apt. Corp. (75 N.Y.2d 530, 553 N.E.2d 1317, 554 N.Y.S.2d 807 [1990]), the Court considered whether the business judgment rule should be applied to a building policy decision made by directors of a residential cooperative corporation governing board. The Court held that a standard of review analogous to the business judgment rule should be applied (see Levandusky, 75 N.Y.2d at 537). In so concluding, the Court recognized that cooperative housing corporations function like for-profit entities and that they are formed under the Business Corporation Law. While cooperative housing corporations are formed under the Business Corporation Law., Empire was formed pursuant to the N-PCL. Also, the Court limited this standard of review to the decisions of cooperative and condominium boards (see Levandusky, 75 N.Y.2d at 537). The Court did not make a statement as to whether a similar rule would be applied to review the decisions of other types of not-for-profit corporations or organizations.