Knolls Cooperative Section No. 1, Inc. v. Hennessy

This is an action by a co-operative housing corporation, organized pursuant to the Cooperative Corporations Law of the State of New York to take advantage of the provisions of section 213 of the National Housing Act (U. S. Code, tit. 12, § 1715e), against the sponsors of that corporation’s housing project. The defendants include the corporation which owns the land on which plaintiff’s project is built and the individuals who are both stockholders of the land company and partners in the construction company which erected plaintiff’s buildings. Some of the individuals acted as officers and…