Rego Park Gardens Assoc. v. Rego Park Gardens Owners

In Rego Park Gardens Assoc. v. Rego Park Gardens Owners (174 AD2d 337) the restriction at issue contained in the cooperative corporation's offering plan did not specifically refer to the sponsor's agreement not to elect a majority of the Board of Directors, but only to such sponsor's general exercise of voting control, and provided that such voting control could not be exercised after the sponsor owned less than 50% of the cooperative corporation's outstanding shares (id. at 338).