Alco Gravure, Inc., Appellants v. the Knapp Foundation, Respondent

Summary

The Court held that the New Jersey dismissal does not preclude the New York action and that both the corporate and individual plaintiffs have standing to challenge the amendment of the Foundation's charter. It further held that the amendment and proposed dissolution were improper because they were adopted without complying with the quasi‑cy pres requirements of the Not‑For‑Profit Corporation Law, and therefore summary judgment in favor of the defendant was improper. The order of the Appellate Division was modified and affirmed. Justice Jasen dissented, arguing that the majority incorrectly limits the corporation's statutory authority to amend its purpose.