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| | 1 No. 80: Manhattan Eye, Ear & Throat Hospital, et al. v. |
 | | MEETH is a Type B corporation, one of a species organized for charitable, educational, religious, scientific, literary or cultural purposes or for the prevention of cruelty to children or animals (see N-PCL 201 [b]; see also 1 Phelan, Nonprofit Enterprises: Corporations, Trusts, and Associations § 1:45, at 1-54). |
 | | A chief difference is that not-for-profits, unlike their for-profit counterparts, by definition and concept do not have shareholders to whom profits are distributed. |
 | | In a comprehensive writing, the court concluded that the proposed agreement was not fair and reasonable to the hospital because it failed to take the hospital's business value into account and sought only to "monetize" the real estate, despite offers from other entities that would preserve the hospital. |
| www.law.cornell.edu /ny/ctap/I04_0087.htm |
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